On2 Technologies, HealthTronics: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Thursday's session.
On2 Technologies (ONT) surged by 15 cents, or 26.1%, to 74 cents in the premarket session after Google (GOOG) revised terms of its merger agreement with the company. Each shareholder On2 common stock will receive 0.0010 of a share of Google Class A Common Stock for each share, as previously announced by On2 and Google, plus an additional 15 cents per share in cash consideration. More than 3.3 million shares changed hands in the premarket session compared to the three-month daily average volume of 942,000, according to Yahoo! Finance.
GenVec (GNVC) rallied by 13 cents, or 9%, to $1.57 in the premarket session after Roth Capital initiated coverage of the stock with a buy rating and a $4 stock price target, citing GenVec's lead product, TNFerade, which is currently in a pivotal Phase III study for the treatment of pancreatic cancer. The 50-day average daily volume for GenVec is 1.61 million shares, according to the Nasdaq.
Pier 1 Imports (PIR) jumped by 37 cents, or 6.8%, to $5.85 in the premarket session after the company said same-store sales rose 8.6% in December, compared to a year-ago decline of 10.2%. The retailer also said that for the five weeks ended Jan. 2, sales rose 5.6% to $207 million. The three-month average daily volume for Pier 1 is 2.52 million, according to Yahoo! Finance.HealthTronics (HTRN) rose by 31 cents, or 12.7%, to $2.75 in the premarket session after the company upped its financial guidance following its acquisition of Endocare. HealthTronics now expects an earnings before interest, taxes, depreciation and amortization, or EBITDA, contribution in the fourth quarter of $2.75 million to $3.25 million, up from the prior range of $1 million to $1.5 million. HealthTronics also said it now expects a first-quarter annualized EBITDA contribution from the Endocare acquisition of $11 million to $13 million, well above the prior guidance range of $6 million to $7 million. The 50-day average daily volume for HealthTronics is 44,000 shares.
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