Dearborn, Cyclacel: Midday Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session.
Dearborn Bancorp (DEAR) rocketed higher by 77 cents, or 126.2%, to $1.38 after the company late Tuesday reported fourth-quarter earnings of 55 cents a share, swinging from a year-ago loss of $3.77 a share. The results were sufficient to return the bank to an "adequately capitalized" category under regulatory guidelines for risk based capital, Dearborn said. Volume topped 1.49 million shares, compared to the 50-day average daily volume of 58,000, according to the Nasdaq.
Hanmi Financial (HAFC) rallied for a second straight session, jumping by 32 cents, or 18.9%, to $2, following a report in a South Korea newspaper Tuesday that said Woori America Bank was considering taking a 51% majority stake in the Korean holding company. The two-day surge has boosted shares by 65%. Volume topped 4.84 million shares, compared to the 50-day average daily volume of 676,000.
Tennessee Commerce Bancorp (TNCC) jumped by 71 cents, or 13.9%, to $5.81 after the bank posted a fourth-quarter profit of 27 cents a share, adding that credit quality improved substantially in the quarter. Total nonperforming loans dropped 32.2% to $20.5 million compared with $30.2 million in the third quarter, the lowest level in five quarters. Net interest margin improved to 4.18%, the highest level in fifteen quarters, Tennessee Commerce said. Volume topped 31,000 shares, compared to the 50-day average daily volume of 9,600.Protection One (PONE) added $1.25, or 17.7%, to $8.35 after the company announced that it will explore and evaluate strategic alternatives, including a possible sale of the company, in order to maximize shareholder value. Protection One said it has engaged JPMorgan to advise the company's board. Volume topped 107,000 shares, compared to the 50-day average daily volume of 13,000. Cyclacel Pharmaceuticals (CYCC) spiked higher by 28 cents, or 11%, to $2.82 after market chatter that an article on the company is due out Thursday in The New England Journal of Medicine, according to Briefing.com. Volume topped 5.31 million shares, compared to the 50-day average daily volume of 5.41 million. -- Written by Robert Holmes in Boston. Check out all of Wednesday'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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