Chromcraft, pSivida: Midday Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading under $5 were moving on above-average volume during Wednesday's session.
Chromcraft Revington (CRC) jumped by 37 cents, or 16.2%, to $2.65 after the company late Tuesday said its third-quarter net loss shrank to 21 cents a share from a loss of $2.23 in the year-ago quarter. Sales in the quarter dropped 31% from a year ago but were up 10% sequentially to $16 million. Volume topped 129,000 shares, compared to the three-month average daily volume of 13,900, according to Yahoo! Finance.
pSivida (PSDV) jumped by 37 cents, or 16.2%, to $2.65 after Ladenburg Thalmann initiated coverage fo the stock with a buy rating and a $9 price target. The firm cited pSivida's lead drug Iluvien, a 3.5 mm injectable intraocular implant containing fluocinolone acetonide for the treatment of diabetic macular edema. Volume topped 111,000 shares, compared to the 50-day average daily volume of 129,000, according to the Nasdaq.
Pressure BioSciences (PBIO) jumped by 37 cents, or 16.2%, to $2.65 after the company said it has closed on the sale of approximately $1.16 million of units in the first tranche of a $2.5 million private placement. Volume topped 5,700 shares, compared to the 50-day average daily volume of 8,300, according to the Nasdaq.First Community Bank Corp. of America (FCFL) shares were on a rollercoaster in the absence of any company-specific news. The stock fell as much as 22.8% before quickly rebounding to rise nearly 15%. In October, First Community entered into an agreement with the Office of Thrift Supervision in terms of a capital plan. Last week, the bank said its provision for loan losses more than tripled in the third quarter as it swung to a net loss. Volume topped 8,400 shares, compared to the 50-day average daily volume of only 400, according to the Nasdaq. Krispy Kreme Doughnuts (KKD) fell by 45 cents, or 11.6%, to $3.43, although there were no apparent catalysts for the move. In late October, Krispy Kreme entered into an agreement for the development of 20 franchise retail shops in Thailand over the next five years. Volume topped 2.2 million shares, compared to the three-month average daily volume of 410,000, according to Yahoo! Finance. -- Written by Robert Holmes in New York. Check out all of Wednesday'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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