DryShips, Synovus: Late Volume Plays

NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Friday's session.

DryShips (DRYS) shed 14 cents, or 2.1%, to $6.39 after it expanded its convertible note offering by $100 million to $400 million and priced the initial conversion at $7.19 a share. Volume topped 54 million, compared with the stock's three-month average daily volume of 24.9 million, according to Yahoo! Finance.

Synovus Financial (SNV) added 11 cents, or 7%, to $1.69 after the company reiterated that its capital is sufficient under the guidelines of the Supervisory Capital Assessment Program stress testing. Volume topped 24.1 million, exceeding the stock's three-month average daily volume of 17.5 million, according to Yahoo! Finance.

Netlist (NLST) shares rose by 1.99, or 35.1%, to $7.66 extending gains spurred by the recent introduction of its HyperCloud product. Volume hit 24.4 million, easily surpassing Netlist's three-month average daily volume of 1.3 million.

Inovio Biomedical (INO) jumped 36 cents, or 30%, to $1.56 after announcing promising results from animal tests suggesting that some of its new vaccines effectively protect against multiple influenza strains. Volume hit 9.4 million, compared with Inovio's three-month average daily volume of 1.6 million, according to Yahoo! Finance.

New Gold (NGD) dropped 4 cents, or 1.1%, to $3.61 extending Thursday's losses related to suspended mining operations at a Mexican mine. Volume touched 5.7 million, compared with the stock's three-month average daily volume of 2.4 million, according to Yahoo! Finance.

-- Written by Melinda Peer in New York.

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