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Byline: JONAH KERI
Nasdaq stocks bobbed and weaved Thursday before closing slightly lower in lighter volume. The Nasdaq composite fell 0.2%, the Nasdaq 100 0.3% as several heavily weighted tech stocks overshadowed gains by biotechs and other sectors.
A few retailers also dragged the market lower. Urban Outfitters fell deeper below its 50-day moving average, off 3.06 to 52.60 on nearly 2 1/2 times its normal trade. Selling of the trendy apparel and accessories retailer's shares has intensified since Urban Outfitters last week denied rumors that it was pursuing an acquisition of women's clothing retailer J. Jill.
Fellow trendy retailer Bebe Stores plummeted 5.57, or 24%, to 17.65 in massive volume. The firm reported a 16.9% rise in August same-store sales growth, missing Wall Street's consensus estimate. Bebe also cut its revenue forecast for the current fiscal first quarter.
It backed its first-quarter earnings estimate of 14 cents to 17 cents per share, on the low end of analysts' forecast of 17 cents. Bebe slashed through its 200-day and is 42% off its July 13 high.
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