SkyPeople, NexMed: Late Day Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session.
NexMed (NEXM) rallied by 19 cents, or 35.8%, to 75 cents after the company said it received an update on the Canadian approval process for its Vitaros erectile dysfunction treatment. No pre-clinical or clinical deficiencies cited in the notice, NexMed said, which should clear a pathway to obtain marketing approval of the product in Canada. Volume topped 25.62 million shares, compared to the 50-day average daily volume of 8.09 million, according to the Nasdaq.
LTX-Credence (LTXC) jumped by 32 cents, or 16.5%, to $2.26 after Craig-Hallum Capital analysts initiated coverage of the stock with a buy rating and a price target of $4, according to several reports. Volume topped 3.85 million shares, compared to the 50-day average daily volume of 505,000.
Oilsands Quest (BQI) fell by 14 cents, or 12.3%, to $1 after the company announced an asset sale and management shakeup. Oilsands said it sold its oil shale assets located near Pasquia Hills in Saskatchewan to Canshale Corp. for C$1 million in cash and 8 million shares of Canshale. The transaction is conditional on Canshale raising a minimum of C$12.5 million. In addition, President and CEO Christopher Hopkins resigned as of Jan. 15 to head up Canshale, which he formed. T. Murray Wilson, Executive Chairman of Oilsands, will assume the additional roles of president and CEO. W. Scott Thompson and Thomas Milne resigned from the board of directors of Oilsands on Jan. 15 and will join the board of directors of Canshale Volume topped 9.26 million shares, compared to the three-month average daily volume of 3.25 million, according to Yahoo! Finance.SkyPeople Fruit Juice (SPU) surged by $1.27, or 23.2%, to $6.75 after the company offered preliminary results for 2009 and guidance for 2010. The company said it expects 2009 full-year revenue of $58 million to $60 million and net income of $15 million to $16 million, a sharp increase from a year ago. For 2010, it expects revenue to rise to a range of $92 million to $102 million and for net income to increase to $19 million to $21 million. Volume topped 1 million shares, compared to the three-month average daily volume of 105,000. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV