This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Midday Movers: Pump Up the Volume

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

Synovus Financial (SNV - Get Report) dropped by 74 cents, or 20.8%, to $2.83 after the company late Thursday posted a loss of $437.7 million, or $1.27 a share, swelling from a year ago and nearly doubling the loss analysts expected. Volume topped 43.8 million shares, compared to the three-month average daily volume of 13.3 million, according to Yahoo! Finance.

Elan (ELN) tumbled by $1, or 15.5%, to $5.44 after reports that European regulators are investigating reports of 23 cases of Tysabri patients with a potentially fatal brain infection. Tysabri is a multiple sclerosis drug developed by Elan and partner Biogen Idec (BIIB). Volume topped 32.6 million shares, compared to the three-month average daily volume of 2.7 million, according to Yahoo! Finance.

Grubb & Ellis (GBE) rose by 24 cents, or 16%, to $1.74 after the company said it would sell 900,000 shares of convertible preferred stock for $90 million in gross proceeds in order to boost capital levels. Some investors posting on Internet message boards said the announcement effectively means massive dilution to save the company. Volume topped 2.2 million shares, compared to the three-month average daily volume of 867,000, according to Yahoo! Finance.

Columbia Laboratories (CBRX - Get Report) slumped by 25 cents, or nearly 20%, to $1.02 after the company said it will sell 10.9 million shares of common stock and warrants to purchase 5,450,000 shares of its common stock in a registered direct offering. The transaction will raise approximately $11.7 million, the company said. Each unit will be sold at a negotiated price of $1.08 per unit. Volume topped 2 million shares, compared to the 50-day average daily volume of 182,000, according to the Nasdaq.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ELN $0.00 0.00%
CBRX $7.17 -1.10%
STSA $33.10 -1.52%
DVAX $23.58 0.00%
SNV $27.63 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs