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Byline: MARIE BEERENS
Nasdaq stocks fell 0.3% on Tuesday, closing just below the composite's 50-day moving average on slightly higher than average volume.
Asset Acceptance Capital gapped down 7.32, or 28%, to 19.17, sinking below its 200-day moving average on 10 times its usual volume. The buyer and collector of defaulted consumer debt missed estimates by 5 cents on Tuesday as it posted a 9% increase in earnings per share, to 37 cents a share. Sales growth has slowed, from quarterly gains of 50%-plus during 2002-03 to 14% in the latest quarter.
Several other debt collectors fell below their 200-day lines on the news. Asta Funding dropped 1.91, or 7%, to 25.22 on double average trade. Portfolio Recovery Associates sagged 2.24 to 36.66 on huge turnover.
Some medical and biotech groups posted significant declines on the day.
Hi-Tech Pharmacal reached a 52-week high, but then reversed to close down 70 cents at 36.85 on twice its regular trade. The maker of prescription and over-the-counter drugs will report fiscal ...