Nasdaq Stocks Tumble, But So Does Turnover

Nasdaq stocks fell 1.3% Monday in a low-volume session. Losers beat winners by about 4-to-3, although very few high-quality stocks fell hard in high volume.

In fact, a few rose.

CTC Media CTCM, which runs a television network in Russia, gapped up and spurted 1.36 to 28.25 in double-paced trade.

The stock corrected 21% from Jan.9 through Jan. 22. The rebound since that bottom now places CTC Media at just 10% off the top.

CTC Media said Friday it would buy 20% of Channel 31, a broadcaster based in Kazakhstan. The deal, which likely will close this quarter, will give CTC Media majority ownership of Channel 31's affiliates.

CTC Media is the subject of today's Nasdaq Stocks In The News, on page B8.

Shanghai-based travel Web site Ctrip.com International CTRP popped up 2.02 to 50.69 in above-average trade. The stock last week recovered its 40-week moving average.

Goldman Sachs analyst Leah Hao upgraded Ctrip.com to buy from neutral.

She also upped her price target to 67 from 50.

"We expect Ctrip to continue to broaden its leadership position within the travel agency industry by taking share from smaller players, leveraging its solid service-oriented execution, expanding business aggressively while implementing disciplined cost controls," the analyst said in a research note, according to the Associated Press.

Google GOOG continued its retreat with a loss of 20.47 to 495.43. Volume doubled from its usual pace. The stock, one of the leaders of the August to November rally, now is 33% off its Nov. 7 high.

The stock's tailspin steepened on Monday after reports that Yahoo YHOO might seek an alliance with the search engine in an effort to fend off that $44.6 billion hostile bid from Microsoft MSFT.

Such a deal likely would drain some cash from Google.

Yahoo rose 0.95 to 29.33, and Microsoft edged 0.25 lower to 30.19.

Zoltek Companies ZOLT, a maker of specialty fibers that reinforce composite materials, gapped down and stumbled 3.28 to 33.22 as volume swelled to twice its norm.

The stock now stands 35% off the peak it recorded in the week ended Aug. 10, when a reversal had squelched an eight-month uptrend.