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Byline: CRAIG SHAW
A surprisingly strong upsurge in Midwest factory activity helped lift the Nasdaq to its third straight week of gains. The composite index advanced 0.6% Friday, 2.6% for the week. It also marked its seventh straight up month, its longest win streak since 1995.
Nextel Communications burst above its 50-day support line, jumping 1.27 to 19.33. The wireless phone service provider broke out of a seven-month base in mid-June and ran up 30% before starting a six-week consolidation.
It's featured in Nasdaq Stocks In The News on page B8.
Avid Technology surged 2.19 to 49.70 on fast turnover. The maker of digital editing and audio systems has more than doubled from its April breakout without touching its 50-day support line. U.S. Bancorp Piper Jaffray raised its 2004 profit estimate above consensus views and hiked its price target to $55 from $50. Sponsorship doubled the past year from 75 to 155 mutual funds owning shares.
NVE Corp. surged 7.40, or 24%, to 38.40. Nearly 1 million shares changed hands vs. its 50-day average of 82,000. The maker of spintronics-based devices finished the week with a 68% gain after ...