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Byline: KATHARINE STALTER
The Nasdaq lost 0.7% in higher volume Monday. A midday rally fizzled and wasn't enough to push the index into positive territory.
Trucking companies were among the day's gainers, as analysts anticipate more industry mergers following Yellow Roadway's $1.37 billion acquisition of USF, announced last week. But Yellow itself slumped 3.56, closing at 57.75 in more than five times normal trade.
Mobile Mini, which rents portable storage units, dropped 0.46 to 37.24 in twice average volume. Last week the company said fourth-quarter earnings per share grew 42% to 47 cents. It's trading 10% above its pre-earnings report price.
Cogent tumbled 3.32, or 12%, to 24.36 in five times typical turnover. The firm, which makes fingerprint identification systems, has lost ground the past five sessions. Fourth-quarter earnings were 11 cents per share, up 10% and beating views by 2 cents. Needham downgraded the stock to hold from buy on valuation concerns.
Executive search firm Heidrick & Struggles fell 1.01, closing at 34.14 in more than triple the normal traffic. ...