Harmonic, SkyPeople: Midday Volume Plays
NEW YORK (TheStreet) -- Several small-cap stocks were moving on above-average volume during Thursday's session.
Harmonic (HLIT) dropped by 64 cents, or 10.8%, to $5.30 after the company reported a third-quarter adjusted profit of 5 cents a share, falling short of the Thomson Reuters average estimate of 6 cents a share. Volume topped 1.4 million shares, compared to the 50-day average daily volume of 722,000, according to the Nasdaq.
Cytokinetics (CYTK) tumbled by 75 cents, or 17.6%, to $3.52 Needham downgraded the stock to hold from buy due to the delay of its CK-452 heart drug treatment program and lack of near-term catalysts to drive valuation. The downgrade comes a day after the company reported a third-quarter net loss of $8.2 million, or 14 cents a share. Volume topped 1.2 million shares, compared to the 50-day average daily volume of 602,000, according to the Nasdaq.
SkyPeople Fruit Juice (SPU) plummeted by $3.81, or 58.3%, to $2.73 after the company announced the pricing of a public offering by two selling stockholders. As part of the transaction, selling stockholders exercised warrants to purchase 2.7 million shares of common stock. SkyPeople will receive approximately $6.9 million in gross proceeds from the exercise of these warrants. Under terms of the agreement, the selling stockholders have granted the underwriters an option to purchase up to an additional 405,000 shares for an additional $1 million in gross proceeds. Volume topped 281,000 shares, compared to the three-month average daily volume of 1,200, according to Yahoo! Finance.
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