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Byline: JONAH KERI
The Nasdaq fell Tuesday as a lackluster consumer confidence report overshadowed a strong Q3 GDP reading. The composite dipped 0.5%, the Nasdaq 100 0.6% as Nasdaq volume rose slightly.
Syneron Medical imploded 10.49, or 28%, to 26.71 on massive volume. The maker of noninvasive aesthetic medical treatments tanked after the Food and Drug Administration asked Syneron to resubmit a marketing application for its cellulite treatment VelaSmooth. The stock, which went public at $12 a share Aug. 6, remains well above its 50-day moving average, thanks to its huge prior run-up.
UTI Worldwide sank 2.37 to 69 on more than six times its normal trade. The air and ocean freight forwarding firm fell as low as 66.47 before retracing some lost ground. Still, the session easily marked the heaviest volume since UTI's Sept. 2 breakout, a potential red flag.
RSA Security plummeted 2.18 to 21.15 on nearly triple its usual turnover. The maker of security software used to authenticate online transactions fell after Jefferies & Co. downgraded the stock to hold from a buy rating, citing slow sales of its SecurID ...