iBasis, Tower Semi: Early Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading under $5 were poised to move on above-average volume during Monday's session.
Synovus Financial (SNV) rose by 7 cents, or 4.2%, to $1.75 in the premarket session even after Collins Stewart lowered its stock price target for the company's stock to $1.25 from $4. The firm said Synovus needs to restore lost credibility and reaffirm expectations that its dangerously high level of problem assets will soon decline. The three-month average daily volume for Synovus is 18.1 million, according to Yahoo! Finance.
Tower Semiconductor (TSEM) jumped by 11 cents, or 11%, to $1.11 in the premarket session after the company signed a $130 million contract with an Asian customer to provide know-how, training, and turnkey manufacturing solutions. The 50-day average daily volume for Tower is 412,000, according to the Nasdaq.
iBasis (IBAS) surged by 72 cents, or 31.9%, to $2.98 in the premarket session after KPN agreed to acquire the remaining 44% of iBasis for $3 a share cash, or $93.3 million. The 50-day average daily volume for iBasis is 80,000, according to the Nasdaq.Spectrum Pharmaceuticals (SPPI) added 16 cents, or 3.4%, to $4.90 in the premarket session after the company announced a $19 million collaboration with Korea's Handok Pharmaceuticals to develop and commercialize Spectrum's experimental cancer drug. The 50-day average daily volume for Spectrum is 2.4 million, according to the Nasdaq. CDC Corp. (CHINA) gained 16 cents, or 6.6%, to $2.58 in the premarket session after the company reported third-quarter earnings of 5 cents a share, beating the Thomson Reuters average estimate of 2 cents a share. Revenue fell 26.4% to $76.6 million, below the $79.7 million consensus. The 50-day average daily volume for CDC is 1 million, according to the Nasdaq. Star Bulk Carriers (SBLK) was higher by 13 cents, or 3.8%, to $3.59 in the premarket session, one day before the company is set to report third-quarter earnings. Analysts are looking for a profit of a penny a share on revenue of $31.1 million, according to Thomson Reuters. The 50-day average daily volume for Star Bulk is 473,000, 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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