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THE REAL MOST ACTIVE Nasdaq Slumps On Soft Data; Volume Stays Light.(B)

Investor's Business Daily

| August 02, 2002 | COPYRIGHT 2002 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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 ...

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