BioForm, Kandi: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Monday's session.
BioForm Medical (BFRM) surged by $2.07, or 60.9%, to $5.47 in the premarket session after the company said it has agreed to be acquired by privately held Merz Pharma of Frankfurt for $5.45 a share in cash, of a total of $253 million. Premarket share volume was nearly 2 million, compared to the 50-day average daily volume of 75,000 shares.
Kandi Technologies (KNDI) jumped by 66 cents, or 15%, to $5.06 in the premarket session after the company said it has formed a strategic alliance with a joint venture of China National Offshore Oil Corporation (CEO) and China Potevio, as well as Tianneng Power International, aimed at speeding up the commercialization and achieving mass adoption of Pure Electronic Vehicles in China. The 50-day average daily volume for Kandi is 286,000.
Digital Ally (DGLY) rose by 36 cents, or 17.6%, to $2.41 in the premarket session after the company said fourth-quarter revenue jumped 37% to $9.2 million, exceeding the lone analyst target of $9 million. Digital Ally added that it returned to net profitability in the third quarter and expects to report a further improvement in fourth-quarter earnings. The 50-day average daily volume for Digital Ally is 85,000.Magal Security (MAGS) gained 42 cents, or 11.4%, to $4.10 in the premarket session after the company late Thursday said in a regulatory filing that through the first six months of 2009, revenue fell 12.7% from a year ago to $21.9 million while its net loss fell to $2.1 million from $5.1 million a year earlier. The 50-day average daily volume for is 9,400.
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