Nasdaq Jumps 100.25 - A Best Day After a Worst Day

by: Eric Savitz

After the worst day for the Nasdaq Composite in seven years, the index today turned around and posted a gain that was equally stunning, as the Street became hopeful that the financial crisis is nearing a turning point.

The Nasdaq Composite today gained 100.25 points, or 4.78%. That was the Nasdaq’s fattest one-day gain in terms of points since May 8, 2002. On a percentage basis, it was the best day for the index since March 13, 2003. There have been 56 days since the index debuted in 1971 with larger points gains; there have been 37 days with bigger percentage gains.

Yesterday, the Nasdaq had dropped 109.05 points, a decline of 4.94%, the worst one-day drop both in terms of points and percentage lost since September 17, 2001, the first trading day after the September 11 attacks.

A well-received earnings report and analyst call from Oracle (NASDAQ:ORCL) this afternoon could add some juice to the rally tomorrow. After hours, Oracle is up $1.03, or 5.5%, to $19.78.

With the recent wild price swings, the day’s list of big winners includes some eye-popping gains. It is quite an interesting collection of stocks; I’m not sure they have all that much in common, although there are few China-based names on the list. Anyway, here’s a sampler of the day’s most explosive gainers:

  • Focus Media (NASDAQ:FMCN): Up $4.58, or 20.6%, to $26.83.
  • Ctrip (NASDAQ:CTRP): Up $15.50, or 44.3%, to $50.50.
  • Emcore (NASDAQ:EMKR): Up $1.35, or 26.3%, to $6.48.
  • Phoenix Technologies (PTEC): Up $2, or 23.9%, to $10.38.
  • Intevac (NASDAQ:IVAC): Up $2.48, or 23.1%, to $13.24.
  • Cray (NASDAQ:CRAY): Up $1.11, or 21.5%, to $6.27.
  • Maxwell Technologies (NASDAQ:MXWL): Up $2.29, or 21.3%, to $13.05.
  • American Superconductor (NASDAQ:AMSC): Up $3.64, or 20.9%, to $21.10.
  • SupportSoft (NASDAQ:SPRT): Up 61 cents, or 20.4%, to $3.60.
  • Baidu (NASDAQ:BIDU): Up $50.79, or 20%, to $305.25.
  • Savvis (NASDAQ:SVVS): Up $2.35, or 19.1%, to $14.64.