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Midday Update: Facebook at New Record Lows


Accretive Health and Cirrus Logic are the greatest gainers in intraday trade.

MINYANVILLE ORIGINAL Sprint Nextel (S) tops the list of most actively traded stocks on the Dow (^DJI) so far today, with investors having traded 35.44 million shares of the telecom company. The stock is currently down $0.15, or 3.3% as of 12.38 p.m. EDT.

Sprint's stock had been on an upward climb this last week of July, having risen 4.6% on July 30 and climbing to a 52-week high in the process. The jump followed an extended dip after Sprint recorded a second quarter net loss of $1.4 billion, or $0.46 per share.

On the Nasdaq (^IXIC), Facebook (FB) is the most traded stock so far. Investors traded 10.01 million shares of the social media giant. There is worrying market news for Facebook, however, as its stock has fallen 5.87% to a new record low of $21.79 as of 12.14 p.m. EDT. That is a drop of over 40% from its IPO price.

The top gainers in intraday trading are Accretive Health (AH) (+36.66%) and Cirrus Logic (CRUS) (+21.58%). Accretive Health announced on Monday that it would halt operations in Minnesota and pay a $2.5 million fine to settle a case brought up by the state's attorney general, who alleged that the company used harsh tactics to badger patients for money.

Cirrus Logic, meanwhile, issued strong guidance for the second half of 2012, saying on Monday that it expected second quarter revenue to grow between 70% and 90%, which exceed analysts' expectations. The chipmaker, which includes Apple (AAPL) as its biggest customer, expects strong sales from the upcoming iPhone 5 and mini iPad to drive business.

Top losers so far include CafePress (PRSS) (-41.17%) and Coach (COH) (-16.62%). The former, an online marketplace for custom-made products, released disappointing third-quarter profit forecasts, projecting adjusted earnings per share of $.05 to $.07, below the $.10 projected by analysts.

Similarly, luxury brand Coach's fourth-quarter sales numbers missed expectations. Total sales came in $1.16 billion, which just missed analyst expectations of $1.2 billion. Additionally, same-store sales increased by 1.7%, which was well below the expected 6.5% rise.

Twitter: @sterlingwong
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No positions in stocks mentioned.
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