Key Tronic, South Financial: Early Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Wednesday's session.
Key Tronic (KTCC - Get Report) shares were set to rally more than 20% after the company reported fiscal second-quarter earnings of 17 cents a share on revenue of $44.8 million, compared to year-ago earnings of a penny a share on revenue of $47 million. Looking ahead, Key Tronic expects both sequential and year-over-year growth in the fiscal third quarter, and continued sequential growth in the fiscal fourth quarter. The 50-day average daily volume for Key Tronic is 44,000 shares, according to the Nasdaq. The stock closed Tuesday at $3.95.
Callon Petroleum (CPE - Get Report) should open sharply higher after the company late Tuesday announced that it has received $44.7 million from the U.S. Department of the Interior's Minerals Management Service to reimburse the company for the overpayment of royalties at its Medusa Field in the Deepwater Region of the Gulf of Mexico. The three-month average daily volume for Callon is 277,000, according to Yahoo! Finance. Callon shares finished trading Tuesday at $2.02.
Concurrent Computer (CCUR - Get Report) shares were indicated to open higher after the computer services company posted fiscal second-quarter earnings of a penny a share, surprising analysts who had expected a loss of 13 cents a share. Revenue was down 17% from a year ago to $15 million but still exceeded consensus. The 50-day average daily volume for Concurrent Computer is 16,000 shares. Concurrent ended trading Tuesday at $3.89.The South Financial Group (TSFG) was set to drop at the open Wednesday after the company reported a fourth-quarter loss of 90 cents a share, compared to the Thomson Reuters average estimate for a loss of 47 cents a share. It was the eighth consecutive quarterly loss for the bank. The provision for loan losses jumped by 39% to $170.8 million, and the bank said credit costs will continue to be challenging. The 50-day average daily volume for the South Financial Group is 4.19 million. The stock closed at 69 cents. Zagg (ZAGG - Get Report) shares should open lower after the hand-held device accessories manufacturer lowered its guidance for the full year. Zagg now expects 2009 earnings of 15 cents to 17 cents a share, down from its prior guidance of 22 cents a share, which the company attributes to lower margins. Full-year revenue should fall between $37 million to $38 million. The 50-day average daily volume for Zagg is 205,000. Shares finished trading Tuesday at $2.38. First Busey (BUSE - Get Report) shares were indicated to trade lower after the financial holding company posted a fourth-quarter loss of 49 cents a share, worse than the Thomson Reuters average estimate for a loss of 10 cents a share. Revenue rose 11% from a year ago to $45.95 million, which beat the consensus estimate of $43.7 million. The 50-day average daily volume for is 273,000. The stock ended Tuesday at $3.59. -- 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.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.