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Byline: TRANG HO
The Nasdaq erased Monday's gains with a 1.1% loss on heavy volume Tuesday. Decliners led advancers 25-to-12.
Google plummeted 27.76 to 362.62 on three times usual turnover. The stock dropped as much as 15% in intraday trade upon CFO George Reyes' announcement that "growth will slow" for the Internet search giant. It has traded below its 10-week line for four weeks.
Astec Industries gapped down 2.22 to 35.92 on 16 times average volume. The stock dropped steeply in early trade, but managed to close in the upper end of its intraday range.
The construction and mining equipment maker posted fourth-quarter earnings of 5 cents a share, up 67% from the year-ago period. Sales rose 21% to $135 million. That was below analysts' expected earnings of 13 cents a share on sales of $131.3 million.
Gevity HR also gapped down on a disappointing earnings report. It fell 4.87, or 16%, to 25.18. The stock sliced through its 10-week moving average on seven times typical trade. The payroll and benefits administrator for small and midsize businesses said ...