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Brocade, Bank of Ireland: Early Volume Plays

Robert Holmes

NEW YORK (TheStreet) -- Brocade (BRCD) was one of several stocks trading near $5 were poised to move on above-average volume Friday after the networking solutions company reported quarterly results.

Brocade said late Thursday that it had a second-quarter adjusted profit of 13 cents a share, which was a penny above expectations. However, revenue of $501 million was down 1% from the year-ago quarter and was below the $503.16 million consensus target.

Following the company's results, Goldman Sachs downgraded the firm's rating on Brocade to neutral from buy.

Brocade shares plummeted by 52 cents, or 8.9%, to $5.35 in Friday's premarket session. The 50-day average daily volume for Brocade is 18.61 million, according to the Nasdaq.

Elsewhere, Navios Maritime Holdings (NM) slid nearly 5% to $5.20 in Thursday's after-hours session after the company said it will sell the Navios Pollux, a 2009 South-Korean-built Capesize vessel, to Navios Maritime Partners (NMM) for $110 million. The three-month average daily volume for Navios Maritime Holdings is 775,000, according to Yahoo! Finance.

Bank of Ireland (IRE) shares continued to plunge, falling by 61 cents, or 10.7%, to $5.09 in the premarket session Friday after falling more than 18% Thursday.

On Thursday, Bank of Ireland said its shareholders approved a €3.5 billion capital-raising program. The three-month average daily volume for Bank of Ireland is 2.07 million.

Hauppauge Digital (HAUP) shares also continued to see volatile trading, falling more than 6.5% in Friday's premarket session to $3.07.

Hauppauge Digital shares surged nearly 300% to a 52-week high of $4.85 after the company said its WinTV-HVR TV tuner boards for PCs can now stream live TV over the Internet to the Apple (AAPL) iPad, iPhone and iPod touch. The 50-day average daily volume for Hauppauge is 1.07 million.

-- Written by Robert Holmes in Boston.

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