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Byline: CRAIG SHAW
Stocks edged higher Friday amid mixed economic data and a spike in oil prices. The Nasdaq gained 0.3% in lighter trade, the large-cap Nasdaq 100 0.1%. The tech-heavy composite added 2.1% for the week to snap a four-week losing streak. But it lost 7.8% for July.
Olympic Steel rose 1.19 on triple normal trade to finish at 23.52, its highest close since January 1997. The steel products maker cleared a monthlong consolidation Thursday on the year's heaviest turnover after posting $1.82 in second-quarter profit vs. a 6-cent loss a year earlier. The stock's RS Rating of 99 shows it's outperformed 99% of the market over the past 12 months. Its Metal Processing & Fabrication group ranks No. 4 of IBD's 197 industries.
Cytyc Corp. rallied 2.31 to 24.10 on twice normal trade, reclaiming its 50-day support line. The maker of test sample preparation systems topped second-quarter profit views by a penny a share late Thursday and posted its best year-over-year revenue growth in four quarters. It's just 5% off its June 30 52-week high. Shares held by mutual funds swelled the past year from 28 million to 44 million.
Shanda Interactive ...