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Quantum, Citizens South: Midday Volume Plays

( Updated with corrected earnings from Quantum.)

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

Quantum Corp. (QTM - Get Report) jumped by 37 cents, or 22.7%, to $2 after the company late Tuesday said it swung to a fiscal second-quarter profit of $11.4 million, or 4 cents per diluted share, compared with a year-ago loss of $3.3 million, or a penny a share. On a non-GAAP basis, Quantum said it earned 11 cents a share in the quarter. Revenue slipped 15% from a year ago to $174.9 million but still exceeded consensus targets. Volume topped 11.6 million shares, compared to the three-month average daily volume of 1.3 million, according to Yahoo! Finance.

Citizens South Banking (CSBC) rose by $1.01, or 20.8%, to $5.87 after the company said it has withdrawn its public offering of approximately $30 million in common stock due to "unfavorable market conditions." Volume topped 40,000 shares, compared to the 50-day average daily volume of 3,900, according to the Nasdaq.

California Coastal Communities (CALC) tumbled by 30 cents, or 26.1%, to 85 cents after the company said it has filed voluntary petitions for reorganization under Chapter 11 in order to extend the maturity dates of approximately $182 million of indebtedness related to credit facilities for its Brightwater development project. Volume topped 741,000 shares, compared to the 50-day average daily volume of 36,000, according to the Nasdaq.

Allied Irish Banks (AIB) lost 58 cents, or 9.5%, to $5.55, down on worries that Ireland's plans to create a "bad bank" could be delayed, according to CNBC. Meanwhile, Bloomberg reported that there is concern European regulators may impose structure changes in return for government aid. Volume topped 4.4 million shares, compared to the three-month average daily volume of 2.3 million, according to Yahoo! Finance.

Anadigics (ANAD) tacked on 6 cents, or 1.7%, to $3.50 after the company late Tuesday reported a third-quarter loss of $12.9 million, or 21 cents a share. However, Anadigic' adjusted loss totaled 10 cents a share, which beat the Thomson Reuters average estimate for a loss of 15 cents a share. Volume topped 2.6 million shares, compared to the 50-day average daily volume of 806,000, according to the Nasdaq.

Health Grades (HGRD) was higher by 12 cents, or 3%, to $4.15 after the company said it had a third-quarter profit of $1.8 million or 6 cents a share, exceeding the Thomson Reuters average estimate by a penny a share. Volume topped 295,000 shares, compared to the 50-day average daily volume of 109,000, according to the Nasdaq.

-- Written by Robert Holmes in New York.

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