Updated to remove Oshkosh news brief
NEW YORK (
) -- Several stocks trading near $5 were poised to move on above-average volume during Wednesday's session.
will be in the spotlight Wednesday as the deadline for the trucking company's debt-for-equity swap passed at midnight. The swap, seen as YRC Worldwide's last defense against bankruptcy, has had its deadline pushed back five times since its launch in November due to a weak response from noteholders.
On Tuesday, the Teamsters Union called on a number of YRC Worldwide bondholders who haven't converted to take part in the exchange, saying it believes hedge funds Brigade Capital Management and JMP Capital Partners, along with several banks, have been holding onto their positions. "Now it is time for the remaining bondholders to recognize what is at stake and do their part. The company's customers need to know there is a light at the end of this tunnel," said Teamsters General President Jim Hoffa in a statement. The 50-day average daily volume for YRC Worldwide is 9.4 million shares, according to the
could trade lower after the company announced plans to voluntarily delist its common stock from the Nasdaq. With only 119 stores in 23 states, Gander Mountain has struggled against larger competitors like
Dick's Sporting Goods
, which has 420 stores in 40 states. The 50-day average daily volume for Gander Mountain is 33,000 shares.
Trico Marine Services
may also open Wednesday's session lower after the company late Tuesday said it had amended a $50 million credit facility to exclude the effect of impairment charges related to the cancellation of shipbuilding contracts for four multipurpose vessels being constructed in India. Because of that, Trico said it will likely take an impairment charge during the fourth quarter of $110 million to $130 million. In addition, Trico expects its fourth-quarter earnings to be negatively impacted by several factors, including a construction vessel in dry dock for an upgrade, softness in North Sea offshore activity, and low vessel utilization during the quarter. The 50-day average daily volume for Trico is 333,000 shares.
-- Written by Robert Holmes in Boston
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