SeaChange, Tenet: Early Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Thursday's session.
SeaChange (SEAC) jumped by 56 cents, or 9.6%, to $6.39 in the premarket session after the company late Wednesday reported third-quarter adjusted earnings of 11 cents a share, according to a Kaufman Brothers analyst, beating the Thomson Reuters average estimate of 6 cents a share. SeaChange also topped revenue expectations. Looking ahead, the company offered in-line revenue guidance for 2011. Kaufman maintained its buy rating and price target of $8 following the earnings release. The 50-day average daily volume for SeaChange is 320,000, according to the Nasdaq.
Tenet Health Care (THC) rose by 25 cents, or 5.3%, to $4.98 in the premarket session after Soleil Securities upgraded the stock to buy from hold with a price target of $6.25. The firm said Tenet's turnaround has gained traction and the company has now posted two consecutive quarters of earnings before interest, taxes, depreciation and amortization, or EBITDA, growth of more than 50%. The three-month average daily volume for Tenet is 8.6 million, according to Yahoo! Finance.
Novavax (NVAX) gained 9 cents, or 2.6%, to $3.52 in the premarket session after Global Hunter Securities initiated coverage of the stock with a buy rating and a price target of $7.25. On Wednesday, Novavax reported "positive" clinical results from a pivotal Phase II study of its H1N1 influenza vaccine in Mexico. The 50-day average daily volume for Novavax is 3.9 million.Wet Seal (WTSLA) slumped by 12 cents, or 4%, to $2.90 in the premarket session even after the company said same-store sales fell 5% in November, a smaller decline than some analysts had anticipated. The 50-day average daily volume for Wet Seal is 1.1 million. CytRx Corp. (CYTR) jumped by 9 cents, or 8.3%, to $1.17 in the premarket session, building on an 8% rally Wednesday, after Merriman Curhan Ford initiated coverage of the stock with a buy rating. On Wednesday, CytRx said the Food and Drug Administration lifted its clinical hold of the company's drug candidate Arimoclomol for ALS, or Lou Gehrig's disease. The 50-day average daily volume for CytRx is 1 million. -- Written by Robert Holmes in New York. Check out all of Thursday'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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