NEW YORK ( TheStreet) -- Several small-cap stocks were moving on above-average volume during Monday's session.
Qiao Xing Mobile Communication (QXM) jumped by 37 cents, or 16.2%, to $2.65 in the absence of any company-specific news, two session after reporting second-quarter results. Investors posting on Internet message boards noted an MSN Money article that called Qiao Xing a great play under $5 for those looking to cash in on expectations that economic growth in China will mean more people joining mobile networks. Volume topped 600,000 shares, compared to the three-month average daily volume of 70,000, according to Yahoo! Finance.
YRC Worldwide (YRCW) plummeted by 37 cents, or 16.2%, to $2.65 after the company said its exchange offer, with full participation, would see noteholders exchange approximately $536.8 million in notes plus accrued and unpaid interest for shares of common stock and new class A convertible preferred stock. Together on an as-if converted basis, it would represent 95% of YRC Worldwide's common stock. In separate news, RBC Capital Markets said in a research note that the firm believes the stock has no value and therefore their price target is zero. Volume topped 32 million shares, compared to the 50-day average daily volume of 10 million, according to the Nasdaq.
LDK Solar (LDK) lost 37 cents, or 16.2%, to $2.65 after Q-Cells (QCE), one of the world's largest makers of solar cells, terminated a supply agreement with the company. Q-Cells said LDK did not fulfill "significant contractual obligations" with regard to the supply agreement concluded in 2007. Volume topped 7 million shares, compared to the three-month average daily volume of 3.2 million, according to Yahoo! Finance.GTx (GTXI) tumbled by 37 cents, or 16.2%, to $2.65 after the Food and Drug Administration rejected acapodene, asking GTx for additional clinical data on the drug's efficacy and safety as well as proof that treatment with the drug does not cause prostate tumors to grow or shorten a patient's overall survival. Volume topped 4 million shares, compared to the 50-day average daily volume of 468,000, according to the Nasdaq. -- Written by Robert Holmes in New York. Check out all of Monday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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