NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Monday's session.
Sirius XM (SIRI) gained 3 cents, or 4.8%, to 63 cents in the absence of any company-specific news. Traders noted a research report from Bank of America/Merrill Lynch analyst Stephen Weiss, who initiated coverage of Sirius XM's bonds with an outperform rating on Dec. 23. Weiss offered bullish comments about the company, arguing that Sirius XM's "credit represents a reasonable story that could still provide for relative outperformance over the ensuing years."
Weiss added that the subscription-based business outperformed ad-dependent radio peers, as well as a "credit trajectory at a favorable inflection point." He also highlighted risks to Sirius XM, saying that the "highly leveraged capital structure and substantial refinancing needs over the coming years," and warning of "possible moderation in subscriber growth amid lingering economic issues." Sirius XM's share volume topped 21.4 million shares, compared to the 50-day average daily volume of 20.7 million, according to the Nasdaq.
Commonwealth Biotechnologies (CBTE) rallied by 19 cents, or 50.5%, to 58 cents after the company said it will acquire the parent of Shanghai-based GL Biochem in an all-stock deal. Commonwealth Biotech will receive all of the stock of the GL Group's holding company, Wise Century Group Limited, and will issue shares of common stock equal to 78% of its then-outstanding shares, on a fully diluted basis. Volume topped 934,000 shares, compared to the 50-day average daily volume of 23,000.RADA Electronic Industries (RADA) jumped by 20 cents, or 9.1%, to $2.43 after the company said it received $2.5 million in follow-on production and maintenance orders. Volume topped 17,500 shares, compared to the 50-day average daily volume of 5,400. -- Written by Robert Holmes in Boston. Check out all of Monday'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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