Conolog, Jackson Hewitt: Late Day Volume Plays

NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session.

Conolog (CNLG) surged by $1.15, or 89.2%, to $2.44 after the company said it has completed field testing and started production of its GlowWorm fiber optic detector. GlowWorm t will allow utilities and other customers to quickly determine the source of a fiber optic signal failure without the need to cut the cable. Volume topped 5.95 million shares, compared to the 50-day average daily volume of 30,000, according to the Nasdaq.

GenVec (GNVC) tumbled by 70 cents, or 28.3%, to $1.77 after the drug maker said it had sold 14 million shares of stock and another 4.2 million warrants, raising net proceeds of $26.2 million. The offering of units consists of stock and warrants, priced at $2 per unit. TheStreet's Adam Feuerstein questioned whether GenVec's financing implies anything about the upcoming interim analysis of the phase III study of TNFerade in pancreatic cancer. Volume topped 21.3 million shares, compared to the 50-day average daily volume of 3.18 million.

Jackson Hewitt (JTX) shares fell by 66 cents, or 18.8%, to $2.86 after the company said in a regulatory filing that it has commitments for only half the funds it had last year to offer refund anticipation loans for 2010's tax season. Volume topped 3.69 million shares, compared to the three-month average daily volume of 1.17 million, according to Yahoo! Finance.

McClatchy (MNI) jumped by 56 cents, or 11.3%, to $5.52 after the newspaper publisher posted a fourth-quarter adjusted profit of 59 cents a share on revenue of $393 million. The company also said it will offer $875 million in new debt due in 2017 in order to pay down a $614 million line of credit and $190 million in bonds due over the next four years. Volume topped 4.5 million shares, compared to the three-month average daily volume of 1.27 million.

-- Written by Robert Holmes in Boston.

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