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Byline: CRAIG SHAW
The Nasdaq composite dived 3.6% Thursday as weak data on manufacturing growth and construction spending worried investors. But volume dried up, leaving its rally intact.
AdvancePCS and other pharmacy benefit managers fell after a Wall Street Journal article spotlighted a federal investigation of rebates received from drug makers. AdvancePCS called the probe "baseless" and said it's done nothing wrong. Its shares pared intraday losses of 22% to close down 3.06, or 14%, at 19.36. Volume rose eightfold. First Albany cut it to neutral from strong buy.
Rival Express Scripts fell 2.53 to 49.47 on 2 1/2 times normal trade. It's hovering at its 200-day moving average, 24% off its high.
Publishing software maker Adobe Systems gapped down 7.13, or 30%,to a three-year low of 16.83 on more than four times normal trade. It cut its third-quarter profit and revenue outlook Wednesday. A string of brokerage firms cut views on the news.
Kroll fell 2.54, or 12%, to 18.86 on heavy volume after it corrected revenue guidance for the second half. The corporate security firm expects sales to climb ...