Flotek, Sunrise: Midday Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Monday's session.
Sunrise Senior Living (SRZ) jumped by 46 cents, or 15%, to $3.52 after the company disclosed in regulatory filings that it has agreed to renegotiate and extend two loans for more than $30 million it has with Chevy Chase Bank. Sunrise agreed to make a $5 million principal payment and pay a fee of $75,000 for loan amendments that lower the interest rate it pays to Chevy Chase Bank and to suspend some financial covenants. Volume topped 3 million shares, compared to the three-month average daily volume of 2.32 million, according to Yahoo! Finance.
Euro Tech Holdings (CLWT) sank by 35 cents, or 13.2%, to $2.30 after the company reported net income for the six months ended June 30 of $11,000 on revenue of $14.1 million. The company called 2009 "a tough year," as the aftermath of the global financial crisis still affected most of its customers. Volume topped 423,000 shares, compared to the three-month average daily volume of 392,000.
Jackson Hewitt Tax Service (JTX) continued its recent slide, falling by 12 cents, or 2.7%, to $4.38, after the company Thursday said a division of Pacific Capital Bancorp (PCBC) that supplies its tax-refund loans would likely not be able to do. Jackson Hewitt shares have tumbled 25% over the last two trading sessions. Volume topped 2.23 million shares, compared to the three-month average daily volume of 665,000. Pacific Capital shares, meanwhile, fell 10.2% to 97 cents.Sunesis Pharmaceuticals (SNSS) tumbled by 12 cents, or 9.4%, to $1.16 after the company Thursday filed for $50 million mixed securities shelf offering. Additionally, Sunesis Monday said it has regained compliance with the Nasdaq's minimum $1 a share bid price requirement. Volume topped 3.67 million shares, compared to the three-month average daily volume of 3.96 million. Flotek Industries (FTK) surged by 21 cents, or 16.1%, to $1.51 in the absence of any company-specific news. Some traders posting on Internet message boards said momentum players were pushing the stocks higher, while others speculated it was a massive short squeeze. Flotek's short interest float was above 26% as of Nov. 30. Volume topped 3.46 million shares, compared to the three-month average daily volume of 495,000. -- Written by Robert Holmes in Boston. 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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