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) 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) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV