NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Friday's session.
Ruth's Hospitality Group (RUTH - Get Report) sank by 12 cents, or 4%, to $2.88 after the restaurant company set the terms for its previously announced common stock rights offering. On Jan. 20, Ruth's Hospitality will distribute one transferable subscription right for each share of common stock, which will entitle the holder to purchase 0.579232 shares of common stock at an exercise price of $2.50 per share. The 50-day average daily volume for Ruth's Hospitality is 381,000, according to the Nasdaq.
Sequenom (SQNM) jumped by 25 cents, or 6%, to $4.40 after the company agreed to pay $14 million to settle a shareholder class action lawsuit, which will be funded by insurance proceeds. Additionally, Sequenom has agreed to issue a number of shares of common stock to the plaintiffs' class. These shares shall constitute 9.95% of the total shares then outstanding. The 50-day average daily volume for Sequenom is 4.24 million.
FalconStor Software (FALC - Get Report) tumbled by 64 cents, or 14.3%, to $3.85 after the company said late Thursday that it expects a fourth-quarter loss of 2 cents to 3 cents a share due to a shortfall in projected revenue caused by lower software licenses. Analysts are projecting a profit of 7 cents a share, according to Thomson Reuters. The company also advised investors not to continue to rely on any other aspects of its previously issued financial guidance for 2009. The 50-day average daily volume for FalconStor is 143,000.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts