Orange County Business Journal

Midday Stock Roundup

Kari Hamanaka Friday, June 14, 2013

The S&P 500 slipped 0.60% to 1,626.49 in afternoon trading Friday.

The Dow Jones industrial average was off 0.76% to 15,061.04, while the Nasdaq was down 0.56% to 3,426.24.

The yield on a 10-year Treasury bond was down 2.48% to 2.12%.

The price of gold rose 0.69% to $1,387.40 per ounce.

EDUCATION

Santa Ana-based for-profit school operator Corinthian Colleges Inc. continued a slump that began Monday when the company said in a filing with the Securities and Exchange Commission that the SEC is conducting an investigation into the company and has requested certain documents related to student recruitment, attendance and federal loan defaults among other matters. Corinthian’s shares were down about 7% to $2.13 on Friday for a market value of $184 million. The company’s shares are down nearly 20% since Monday's disclosure.

TECHNOLOGY

Irvine chipmaker Broadcom Corp. rose about 2% to $34.05 for a market value of $19.44 billion.

Broadcom, which had a recent market value of $19.44 billion, introduced a new chip for the Android 4.2 Jelly Bean operating system.

HEALTHCARE

Irvine-based heart valve maker Edwards Lifesciences Corp. fell back about 3% to $70.09 after closing up 4% on Thursday on an analyst upgrade earlier in the week. The company had a recent market value of $7.91 billion.

Aliso Viejo-based Avanir Pharmaceuticals Inc. rose about 4% to $4.45 after analysts at Mizuho initiated coverage on the drug maker with a "buy" rating. Avanir had a recent market value of $645.73 million.