Conolog, Bank of Florida: Midday Volume Plays

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

Conolog (CNLG) shares more than doubled in price to $4.37 after the electronic components company said it received advance orders for its PDR systems and other communication equipment valued at over $1.9 million with deliveries to be scheduled over the next fiscal year. Last week, Conolog said it has completed field testing and started production of its GlowWorm fiber optic detector, which allows utilities and other customers to determine the source of a fiber optic signal failure without the need to cut the cable. Volume topped 13.18 million shares, compared to the 50-day average daily volume of 270,000, according to the Nasdaq.

Smithtown Bancorp (SMTB) dropped by 76 cents, or 14.1%, to $4.65 after the company reported a fourth-quarter loss of $1.34 a share, swinging from a year-ago profit of 30 cents a share. Smithtown said operating earnings were more than offset by a provision of $38 million to the loan loss reserve and a write-down of real estate-owned property. Volume topped 510,000 shares, compared to the 50-day average daily volume of 183,000.

Bank of Florida (BOFL) jumped by 19 cents, or 15.7%, to $1.40 after the company reported a net loss of $1.26 a share, excluding a goodwill impairment charge, for the third quarter. That was narrower than the $1.55-a-share loss that analysts had expected. Volume topped 1.72 million shares, compared to the 50-day average daily volume of 214,000.

Continucare (CNU) shares sank by 80 cents, or 16.5%, to $4.04 in the absence of any company-specific news. Traders posting on Internet message boards speculated that the drop was due to institutions paring back stakes in the heath care provider before its next earnings release. Continucare last reported quarterly results on Nov. 5. Volume topped 2 million shares, compared to the three-month average daily volume of 390,000, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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