Conolog, Sirius XM: Midday Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Friday's session.
Conolog (CNLG) rallied by 49 cents, or 29%, to $2.18, extending its recent gains. On Wednesday, Conolog said it has completed field testing and started production of its GlowWorm fiber optic detector. GlowWorm will allow utilities and other customers to quickly determine the source of a fiber optic signal failure without the need to cut the cable The stock is now up 60% for the week. Volume topped 2.66 million shares, compared to the 50-day average daily volume of 200,000, according to the Nasdaq.
Sirius XM (SIRI) gained 3 cents, or 3.6%, to 84 cents in the absence of any company-specific news Friday. Earlier in the week, both Wunderlich Securities and Lazard Capital Markets analysts initiated coverage of the stock with a buy rating and a price target of $1, which has helped shares rally 26% during the week. Both firms initiated coverage after the satellite-radio provider said it expects to report more than $100 million of free cash flow for 2009, compared to pro forma negative free cash flow of $552 million in 2008. Volume topped 69.76 million shares, compared to the 50-day average daily volume of 24.57 million.
Zion Oil & Gas (ZN) slumped by 72 cents, or 12.5%, to $5.06 after the company filed a $50 million mixed securities shelf offering late Thursday. Volume topped 198,000 shares, compared to the three-month average daily volume of 120,000, according to Yahoo! Finance.-- Written by Robert Holmes in Boston. Check out all of Friday'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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