Trimeris, Bionovo: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Tuesday's session.
Trimeris (TRMS) plummeted by 63 cents, or 19.8%, to $2.55 in the premarket session after Arigene terminated its offer to acquire all outstanding shares of Trimeris. Arigene said it was unable to secure sufficient financing for the merger as of the expiration time of the tender offer. The 50-day average daily volume for Trimeris is 245,000 shares, according to the Nasdaq.
YRC Worldwide (YRCW) slipped by 2 cents, or 2.1%, to 93 cents in the premarket session after the trucking company extended the deadline on a debt-for-equity offer for the fifth time, to Dec. 29. The swap is part of YRC Worldwide's efforts to stave off bankruptcy. The 50-day average daily volume for YRC Worldwide is 9.32 million.
Bionovo (BNVI) surged by 9 cents, or 20.2%, to 54 cents in the premarket session after the company announced a study published in The International Journal of Cancer that describes its first novel dual mTOR Inhibitor, BN107, for the treatment of breast cancer. The 50-day average daily volume for Bionovo is 778,000 shares.Hollywood Media (HOLL) jumped by 31 cents, or 24.2%, to $1.59 in the premarket session after the company announced the sale of its Broadway Ticketing Division to privately held Key Brand Entertainment for $45 million in considerations. Upon completion of the transaction, which is expected in the first half of 2010, Hollywood Media will pay a one-time cash dividend of 60 cents a share. The 50-day average daily volume for Hollywood Media is 26,000. United Community Banks (UCBI) slumped by 20 cents, or 5.9%, to $3.21 in the premarket session after the company said it will temporarily suspend its common stock dividend. "[We] believe the best way for every shareholder to benefit is to avoid further dilution and continue to position the company for future earnings growth and enhance our liquidity during this period of heightened economic and financial market volatility," the bank said. The 50-day average daily volume for United Community is 1.08 million shares.
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