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GFI Group, Openwave: Friday's Volume Plays

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

GFI Group (GFIG) tumbled by $1.55, or 23.3%, to $5.11 after the company reported third-quarter adjusted earnings of 6 cents, which fell short of the Thomson Reuters average estimate of 9 cents a share as a drop in brokerage revenue impacted results. Volume topped 2.8 million shares, compared to the 50-day average daily volume of 542,000, according to the Nasdaq.

Zale (ZLC) plummeted by $1.65, or 25.8%, to $4.74 after the company said it is being investigated by the Securities and Exchange Commission following the announcement it would restate its full-year 2008 and 2009 earnings. Volume topped 1.9 million shares, compared to the three-month average daily volume of 544,000, according to Yahoo! Finance.

Seacoast Banking Corp. of Florida (SBCF) slid by 28 cents, or 15.8%, to $1.49 after the company late Thursday reported a third-quarter loss of $1.21 a share, including preferred stock dividends and $937,000 accretion. Seacoast said the provision for loan losses was $45.4 million in the quarter, up from $26.2 million in the second quarter. Volume topped 2.5 million shares, compared to the 50-day average daily volume of 309,000, according to the Nasdaq.

Openwave Systems (OPWV) lost 48 cents, or 17.6%, to $2.27 after the company late Thursday said it broke even on an adjusted basis in its fiscal first quarter, disappointing analysts who had expected earnings of a penny a share. Volume topped 1.4 million shares, compared to the 50-day average daily volume of 588,000, according to the Nasdaq.

Central Pacific Financial (CPF) fell by 23 cents, or 15.1%, to $1.29 after the company late Thursday reported a third-quarter loss of $183.1 million, or a whopping $6.38 a share. Excluding charges, Central Pacific lost $2.54 a share in the quarter, compared to the Thomson Reuters average estimate for a loss of 36 cents a share. Volume topped 1.9 million shares, compared to the three-month average daily volume of 1.3 million, according to Yahoo! Finance.

Conexant Systems (CNXT) jumped by 29 cents, or 11.9%, to $2.73 after the company late Thursday said it had a fiscal fourth-quarter profit, excluding items, of 7 cents a share, well ahead of estimates that called for a profit of a penny a share. Volume topped 4.3 million shares, compared to the 50-day average daily volume of 1.1 million, according to the Nasdaq.

-- Written by Robert Holmes in New York.

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