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Seanergy, Borders: Midday Volume Plays

Stocks in this article: BGP SHIP

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

Orexigen Therapeutics (OREX) gained 25 cents, or 4.1%, to $6.38 after the company's CEO Michael Narachi appeared on CNBC before the 12th annual BIO CEO conference in New York. Narachi said during the interview that Orexigen is on track to file a new drug application for its obesity drug in the first half of the year. Volume topped 1.07 million shares, compared to the 50-day average daily volume of 623,000, according to the Nasdaq.

TierOne Corp. (TONE) fell by 12 cents, or 15.5%, to 65 cents after the bank holding company late Friday in a thrift financial report that the minimum core capital ratio, as of Dec. 31, was approximately 3.28%, which is below the elevated ratio of 8.50% required by the supervisory agreement as well as the 5% regulatory core capital ratio normally required to be deemed "well capitalized." Volume topped 329,000 shares, compared to the 50-day average daily volume of 224,000.

Seanergy Maritime (SHIP) tumbled by 11 cents, or 9.1%, to $1.13 after the dry bulk transportation company said it has terminated the intended acquisition of a 2009 Capesize vessel. On Jan. 29, Seanergy announced a $30 million common stock offering, with the proceeds to be used for the vessel purchase. Instead, Seanergy said the net proceeds of the offering, which are currently held in an interest-bearing bank account, to expand our fleet. Volume topped 2.09 million shares, compared to the 50-day average daily volume of 230,000.

Borders Group (BGP) jumped by 15 cents, or 12.6%, to $1.31 in the absence of any company-specific news. Last week, Borders surged after billionaire investor Bill Ackman of Pershing Square Capital said that a Borders bankruptcy was "a low probability event" during an interview with CNBC. Volume topped 3.52 million shares, compared to the three-month average daily volume of 1.86 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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