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Byline: IBD STAFF
The Nasdaq overcame another sluggish start to gain 1.7% Tuesday. Volume soared from Friday's unusually low level.
The day's biggest winners on heavy volume were far from the typical large-cap names that constantly bathe in the mainstream media. Institutions have been grabbing shares of companies with rapid growth and innovative products.
SafeNet cleared a seven-week consolidation that is part of a much longer, deeper base. The provider of virtual private network security systems ran up 2.35 to 38.25 on above-average volume. The stock was featured in Nasdaq Stocks In The News on Aug. 21. Its peer is showcased in today's column on page B8.
NVE Corp. jumped to a new high of 45 before pulling back to 40.20, up 1.80, on the highest volume since its breakout on June 10. The company makes magnetic sensors, couplers and other electronic components for corporate and government customers. Earnings increased 250% in the latest quarter on a 31% jump in revenue.
SpectraLink shot up 3.50 to 22 on more than five times average trade. ...