China BAK, Vical: Midday Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Tuesday's session.
China BAK Battery (CBAK) jumped by 35 cents, or 15.7%, to $2.58 on market chatter that Google (GOOG) will use China BAK's lithium polymer cell-based battery in the Google Nexus One phone, according to Briefing.com. Volume topped 2.43 million shares, compared to the 50-day average daily volume of 842,000, according to the Nasdaq.
Magic Software (MGIC) rallied 38 cents, or 20.1%, to $2.25 after the company declared a cash dividend of 50 cents per share, payable Jan. 25 to shareholders of record on Jan. 11. Volume topped 106,000 shares, compared to the 50-day average daily volume of 13,000.
China Wind Systems (CWS) jumped by 68 cents, or 12.4%, to $6.16 on the wind power equipment supplier's debut on the Nasdaq. Previously, the stock traded on the Over-The-Counter Bulletin Board. Volume topped 428,000 shares.Vical (VICL) was unchanged at $3.36 but continued to trade on heavy volume one day after announcing that a safety review board recommended that the company continue a late-stage clinical trial of its Allovectin-7 drug treatment for metastasized melanoma. Volume topped 1.72 million shares, compared to the 50-day average daily volume of 79,000. Athersys (ATHX) gave back 54 cents, or 10.2%, to $4.74, retracing some of the stock's 450% surge from the previous week. The rally was sparked by Athersys' announcement that it had entered into an agreement with Pfizer (PFE) to develop and market MultiStem for treatment of inflammatory bowel disease. Volume topped 2.24 million shares, compared to the three-month average daily volume of 2.41 million. -- Written by Robert Holmes in Boston. Check out all of Tuesday'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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