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Nasdaq Rally Fizzles, Stocks Slip To Small Gains.(B)
Byline: JONAH KERI
Nasdaq stocks jumped as much as 2.9% Monday before reversing to eke out small gains for the day. The composite index rose 0.4%, as did the Nasdaq 100. Volume picked up vs. Friday's truncated post-holiday trading.
Garmin surged to a new high, up 1.70 to 25.50. Volume swelled to 1.5 million shares vs. its average daily volume of about 200,000. Credit Suisse First Boston slapped the maker of global positioning system devices with a valuation downgrade last week. Like several other leading stocks in recent weeks, Garmin shrugged off the downgrade, vaulting to new highs. That's a good sign for a budding rally and further proof of the irrelevance of analysts' opinions on stock valuations.
K-Swiss bounced as high as 27.75 before easing back, in step with the market. The athletic footwear and apparel maker ended the day up 1.23 to 26.49 on more than three times its normal trade. The stock is featured in today's Nasdaq Stocks In The News.
Sharper Image bounced off its 200-day moving average, advancing 3.10 to 21.89 as it climbed back above its 50-day. The maker of upscale gifts and ...
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