ExpressJet, Flotek: Volume Plays

NEW YORK (TheStreet) -- Several stocks trading under $5 were moving on above-average volume late in Tuesday's session.

ExpressJet Holdings (XJT Quote) rose by 13 cents, or 3.6%, to $3.74 after Avondale Partners upgraded the stock to market outperform from underperform, citing Monday's news that UAL Corp. (UAL Quote) announced that ExpressJet Airlines will operate 22 ERJ-145 aircraft under the United Express brand. Volume topped 1.7 million shares, compared to the three-month average daily volume of 242,000, according to Yahoo! Finance.

Flotek (FTK Quote) dropped by 41 cents, or 25%, to $1.23 after the company said third-quarter revenue dropped 62.1% to $23.8 million following a decline in drilling activity. The company posted a net loss of $1.18 a share for the quarter, swinging from a year-ago profit. Flotek also said it is likely to receive a notice from the New York Stock Exchange that it is in violation of continued listing standards of the exchange based on both the company's market cap and minimum net worth falling below $50 million. Volume topped 2.1 million shares, compared to the three-month average daily volume of 534,000, according to Yahoo! Finance.

Trimeris (TRMS Quote) jumped by 23 cents, or 7.8%, to $3.19 after the company amended its merger agreement with Korea-based Arigene, extending the expiration date for the tender offer until Dec. 28. Last week, Arigene asked Trimeris for an extension on its tender offering, which was set to expire on Nov. 16. Volume topped 739,000 shares, compared to the 50-day average daily volume of 334,000, according to the Nasdaq.

SRI Surgical Express (STRC Quote) plummeted by 47 cents, or 23.9%, to $1.50 after the company late Monday said its third-quarter loss swelled to 27 cents a share from 3 cents a share in the year-ago period. Volume topped 23,000 shares, compared to the 50-day average daily volume of 10,000, according to the Nasdaq.

Innotrac (INOC Quote) plunged by 98 cents, or 33.3%, to $1.96 after the business services provider late Monday swung to a third-quarter loss of a penny a share, while revenue was impacted by a decline in service and freight revenue. Volume topped 70,000 shares, compared to the 50-day average daily volume of 2,700, according to the Nasdaq.

QuickLogic (QUIK Quote) dropped by 53 cents, or 26.4%, to $2.65 after the company announced a $1.48 million registered direct offering of 4.3 million shares of common stock and warrants to purchase up to an aggregate of 3.2 million shares of common stock. Volume topped 4.5 million shares, compared to the 50-day average daily volume of 174,000, according to the Nasdaq.

-- Written by Robert Holmes in New York.

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