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Smart Modular, Cardiome: Early Volume Plays

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

Cardiome Pharma (CRME - Get Report) jumped by 43 cents, or 10.8%, to $4.41 in the premarket session after the company said its investigational drug candidate vernakalant, used for the acute conversion of atrial fibrillation, met a primary endpoint in a Phase III European Comparator study. Cardiome said it will present the study at a conference in 2010. The 50-day average daily volume for Cardiome is 317,000 shares, according to the Nasdaq.

Somaxon Pharmaceuticals (SOMX) rallied by 16 cents, or 16.1%, to $1.15 in the premarket session after the company said it is scheduled to meet with the Food and Drug Administration on Jan. 20, 2010 to discuss its New Drug Application (NDA) for Silenor (doxepin) as a treatment of insomnia. The 50-day average daily volume for Somaxon is 1.96 million.

Smart Modular Technologies (SMOD) gained 59 cents, or 12.2%, to $5.42 in the premarket session after the company posted a fiscal first-quarter profit of 7 cents a share, beating the Thomson Reuters average estimate by 2 cents. Revenue of $123.1 million was also above consensus targets. Smart Modular also offered earnings and revenue guidance for its fiscal second quarter that is above the Street's view. The 50-day average daily volume for Smart Modular is 501,000.

Regions Financial (RF - Get Report) tacked on 5 cents, or nearly 1%, to $5.38 in the premarket session after the bank elected Grayson Hall to serve as chief executive officer after Dowd Ritter retires on March 31, 2010. Hall is currently Regions' president and chief operating officer, and he will retain the title of president and will continue to serve on the bank's board. The three-month average daily volume for Regions is 33.59 million shares, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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