Volume Spike: NuVasive (NUVA, MDT)

Posted in General 
November 19th, 2008

NuVasive Inc. (NASDAQ: NUVA) has been absolutely crushed today, and that is after almost non-stop selling in the spinal-device maker .  Shares have been off as much as 22%, and this is partly after medical-device company Medtronic Inc. (NYSE: MDT) received a subpoena from the U.S. Department of Justice regarding usage of it spinal-bone-graft product by the FDA over unapproved uses have been reported.

What is interesting here is that there may or may not be the same issues, but traders are shooting forst and asking questions later.

Shares are are down almost 15% at $32.07 on almost 3.5 million shares as of 12:56 PM EST.  This is 5-times trading volume.  Shares were down over 20% at a new 52-week low of $29.27 earlier today.  The prior 52-week trading range was $31.17 to $58.88.

It is sad to say, but in this current market nothing is surprising anymore.

JON OGG
NOV. 19, 2008

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