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Heavily-shorted Millennial Media (MM +20.4%) takes off after delivering a Q2 beat and healthy full-year guidance. Mobile ad peer Velti (VELT +3.5%) is also up. During its earnings call, Millennial boasted it counts 75 of the advertisers on Ad Age's 2011 top-100 list as clients, though it looks as if many aren't spending much for now. Oppenheimer, which made a bullish call on Millennial on Tuesday, says the company's data indicates ad pricing is improving.
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