Delta Petroleum, Beazer: Midday Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session.
eOn Communications (EONC) added 29 cents, or 9.1%, to $3.45 after the company swung to a fiscal first-quarter profit of 14 cents a share, compared with a year-ago loss of 5 cents a share. Excluding the impact of an interest expense, eOn had a profit of 16 cents a share in the quarter. Revenue surged 154% from a year earlier to $4.5 million. Volume topped 1.47 million shares, compared to the 50-day average daily volume of 102,000, according to the Nasdaq.
CardioNet (BEAT) continued to build on Tuesday's gains, rising 12 cents, or 2%, to $6.12, on day after the company said during a conference call it has hired an investment bank to evaluate its options, which could be an indication it is considering a sale, according to Dow Jones. Late Tuesday, CardioNet said in a regulatory filing that it has approved the cancellation of certain outstanding options held by executive officers to purchase 814,389 shares of common stock. A Leerink Swann analyst upgraded the stock to outperform, saying CardioNet now has a clear and detailed restructuring plan in place and could deliver an improving outlook. Volume topped 965,000 shares, compared to the 50-day average daily volume of 712,000.
Delta Petroleum (DPTR) jumped by 20 cents, or 18.9%, to $1.26 in the absence of company-specific news. Speculators posting on Internet message boards argued that the company would soon be acquired. Delta Petroleum's stock is now up 40% over the last two trading sessions. Volume topped 39 million shares, compared to the 50-day average daily volume of 7.57 million, according to the Nasdaq.Beazer Homes (BZH) rallied by 55 cents, or 12.3%, to $5.04 after the Census Bureau said housing starts rose 8.9% in November to 574,000, as expected. Also on the positive side, building permits increased by 6% to 584,000, above the 570,000 consensus. Volume topped 3.69 million shares, compared to the three-month average daily volume of 2.78 million, according to Yahoo! Finance. Playboy Enterprises (PLA) continued to slide, falling 48 cents, or 12.5%, to $3.36, after the company named Robert Campbell interim Chief Financial Officer, effective Jan. 1. Campbell currently serves as the company's senior vice president, treasurer and strategic planning. He will assume the responsibilities of Linda Havard, who announced her resignation in November. Earlier, Bloomberg reported that Iconix Brand (ICON) is stepping away from talks to buy Playboy, citing two sources familiar with the situation. Volume topped 1.05 million shares, compared to the three-month average daily volume of 496,000. -- Written by Robert Holmes in Boston. 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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