Brocade, Rigel, ARM: Early Volume Plays

NEW YORK (TheStreet) -- Several stocks trading under $10 were poised to move on above-average volume during Tuesday's session.

Rigel Pharmaceuticals (RIGL) was among the most active pre-market trades, shedding 7 cents, or 0.7%, to $9.36, on pre-market volume of close to 300,000 shares traded. The 50-day average daily volume for Rigel is just under 600,000 shares, according to the Nasdaq. The big news on Tuesday was an announcement from AstraZeneca and Rigel that the companies had signed an exclusive licensing deal a Rigel arthritis drug. Rigel received a $100 million upfront payment and as much as $345 million in potential future payments.

ARM Holdings(ARMH) dropped 12 cents, or close to 1.3%, to $9.26 in the premarket session, with more than 100,000 shares being traded early on Tuesday. The 50-day average daily volume for ARM is 2.1 million, according to the Nasdaq. ARM made several announcements at this week's Mobile World Congress, including deals with Samsung Electronics and ST-Ericsson for next-generation mobile phone devices.

Brocade Communications Systems(BRCD) rose by 4 cents, or 0.6%, to $6.63, with more than 44,000 shares traded, the tenth-most active stock on the Nasdaq early on Tuesday. Brocade announced a deal with McAfee(MFE) on Tuesday morning to develop network security solutions. The 50-day average daily volume for Brocade is 16.5 million, according to the Nasdaq.

Sequenom(SQNM) jumped by 20 cents, or 4.4%, to $4.72 in the premarket session, after announcing the launch of a new fetal sex determination test. More than 56,000 shars in Sequenom had been traded; the 50-day average daily volume for Sequenom is 3.4 million, according to the Nasdaq.

-- Written by Eric Rosenbaum in New York.

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