Flextronics, Columbia Laboratories: Midday Volume Plays

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

Flextronics (FLEX) fell by 48 cents, or 6.8%, to $6.62 even after the electronics manufacturer reported fiscal third-quarter earnings of 17 cents a share on revenue of $6.56 billion, both of which exceeded analysts targets. Flextronics also offered in-line revenue and earnings guidance for the fourth quarter. Volume topped 16 million shares, compared to the 50-day average daily volume of 8 million, according to the Nasdaq.

Smith-Midland (SMID) shares rallied by 20 cents, or 12.9%, to $1.75 after the concrete products company said it was awarded a $7.8 million contract, the largest in the company's history, to construct a precast concrete soundwall along the new Intercounty Connector in Montgomery County, Maryland. Volume topped 75,000 shares, compared to the three-month average daily volume of 15,000.

Achillion Pharmaceuticals (ACHN) jumped by 24 cents, or 10.5%, to $2.48 after the company announced the nomination of a lead clinical candidate in its third proprietary program against hepatitis C infection. The candidate, ACH-2684, demonstrates excellent potency in the low pico-molar range, as well as good pharmacokinetic and safety profiles in pre-clinical studies, the company said in a release. Volume topped 1.67 million shares, compared to the 50-day average daily volume of 693,000.

Columbia Laboratories (CBRX) tumbled by 18 cents, or 12.6%, to $1.25 as the company held its analyst and investor day, where Interim Chief Executive Officer Frank Condella offered an update on the company's crinone infertility treatment. Condella said that the partnering process has been ongoing for several months, and that 10 companies out of a pool of more than 50+ were given additional information. Traders were disappointed that no firm details of a partnership were given beyond "active negotiation ongoing." Volume topped 728,000 shares, compared to the 50-day average daily volume of 322,000.

-- Written by Robert Holmes in Boston.

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