Netlist, EntreMed: Midday Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Monday's session.
Netlist (NLST) jumped by 31 cents, or 5.7%, to $5.75 after Bloomberg reported that the company is demanding Google (GOOG) pay royalties on its memory patent. Volume topped 5.1 million shares, compared to the 50-day average daily volume of 3.8 million, according to the Nasdaq.
Speedus (SPDE) rallied 55 cents, or 16.9%, to $3.80 after the company announced that its majority-owned subsidiary Zargis Medical has begun selling its Cardioscan system, the first Food and Drug Administration-cleared device to identify suspected systolic and diastolic heart murmurs, on Amazon.com (AMZN) at a holiday-special price. Volume topped 108,000 shares, compared to the 50-day average daily volume of 53,000.
EntreMed (ENMD) dropped by 13 cents, or 13%, to 88 cents after the company said late Friday it had received $1.7 million in royalty revenue from sales of drug Thalomid during the third quarter, well below the estimated royalty revenue of $3.3 million. In addition, EntreMed said it anticipates a decrease in fourth quarter and projected revenue for fiscal 2009. The difference in estimated and actual revenues for the third quarter will be reflected in the fourth quarter financial results. Volume topped 611,000 shares, compared to the 50-day average daily volume of 732,000.China Architectural Engineering (CAEI) slid by 15 cents, or 11.5%, to $1.15 after the company said it will acquire a 60% ownership stake in Shanghai ConnGame in exchange for 25 million shares of common stock. In anticipation of issuing 25 million new shares, CAE said it has withdrawn its previously announced common stock private placement of 17 million shares that would be used to purchase land from Zhejiang Nine Dragon. Volume topped 515,000 shares, compared to the 50-day average daily volume of 396,000. Central Pacific Bank (CPF) tumbled by 17 cents, or 14.7%, to 99 cents after the company said it has agreed to a consent order with the Federal Deposit Insurance Corp., which requires the bank to improve its capital position, asset quality, liquidity, and management oversight, among other matters. Central Pacific also said it has entered into loan sale agreements in order to reduce its credit risk. Volume topped 800,000 shares, compared to the three-month average daily volume of 1.1 million, according to Yahoo! Finance. -- 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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