Midday Movers: Pump Up the Volume

NEW YORK (TheStreet) -- Several small-cap stocks were moving on above-average volume during Wednesday's session.

Speedus (SPDE) surged by $1.27, or 31.4%, to $5.31 after the company said its Zargis Medical subsidiary has been cleared as a developer for Apple's (AAPL) iPhone and has begun development of medical diagnostic support software and related peripherals for the device and other leading smartphones. Volume topped 954,000 shares, compared to the 50-day average daily volume of 190,000, according to the Nasdaq.

VeriChip (CHIP) jumped by 69 cents, or 37.1%, to $2.55 after the company said it has entered into a strategic partnership with the Diabetes Research Institute to develop a glucose-sensing RFID microchip, which "could potentially improve patient care and compliance among individuals with diabetes," the DRI said in a statement. Volume topped 6.3 million shares, compared to the 50-day average daily volume of 1.3 million, according to the Nasdaq.

Canada's Oilsands Quest (BQI) rose by 22 cents, or 17.5%, to $1.48 following comments from BP (BP) CEO Tony Hayward, who said the oil giant may increase its drilling position in Canada. "We have a modest position in Canada's oil sands. We can see if we can make it even bigger over time," Hayward told an industry conference in London, according to Dow Jones. Volume topped 11.4 million shares, compared to the 50-day average daily volume of 2.8 million, according to the Nasdaq.

MannKind (MNKD) climbed by 72 cents, or 14.2%, to $5.80 after boutique firm Griffon Securities initiated the stock with a buy rating and a price target of $26. The firm asserted that MannKind's Afresa inhalable treatment will change the way diabetes is treated. Volume topped 3.9 million shares, compared to the 50-day average daily volume of 1.8 million, according to the Nasdaq.