NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Thursday's session.
Quixote (QUIX) rallied 114.2% to $6.32 in the premarket trading session after Trinity (TRN) said it would buy the transportation safety products maker for $6.38 a share in a cash deal worth $61 million. The transaction is expected to close in the first quarter of 2010. The 50-day average daily volume for Quixote is 61,500 shares, according to the Nasdaq.
EF Johnson Technologies (EFJI) jumped 11% in the premarket session after the company late Wednesday unveiled its FIPS 140-2 validated enhancement to Intel (INTC) wireless adapters. The new capability enables U.S. Department of Defense and other Federal users to employ secure wireless LAN systems using FIPS 140-2 validated IEEE 802.11i technology. The 50-day average daily volume for EF Johnson is 173,000 shares.
Biodel (BIOD - Get Report) surged by 87 cents, or 21.1%, to $5 in the premarket session after the company late Wednesday said it has submitted a new drug application (NDA) to the U.S. Food and Drug Administration for clearance to market VIAject as a treatment for diabetes. The 50-day average daily volume for Biodel is 63,000 shares.Preferred Bank (PFBC - Get Report) shares were set to tumble Thursday after both FBR Capital Markets and Keefe, Bruyette & Woods analysts slashed their price targets after the company announced it would restate third-quarter earnings due to a regulatory exam. While the fourth quarter will likely be profitable for the bank, Preferred said that major changes to its third-quarter results include an additional $29.8 million in provisions for loan losses; additional loan charge-offs of $21.3 million and $77.1 million in additional loans in non-accrual status. The 50-day average daily volume for is 32,000, according to Yahoo! Finance. -- Written by Robert Holmes in Boston. Check out all of Thursday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.