Zanett Volume Spikes on Contract Bookings
NEW YORK (TheStreet) -- Zanett (ZANE) shares rocketed 640% higher Thursday on a spike in trading volume after the customized IT solutions company said it booked $12 million in new contracts during the first two months of 2010.
Zanett said Thursday it has set an in-house corporate record for contracts closed in January and February, with over $12 million dollars in new business closed. The contracts consisted of 42 different customers, with the largest worth $4 million, Zanett said.
The contracts announcement comes one day after Zanett said it expects to receive a delisting determination letter from the Nasdaq by March 15, due to Zanett's failure to regain compliance with the exchange's minimum bid price requirement.
Zanett said it plans to file an appeal and will "vehemently fight to maintain our current Nasdaq listing." Zanett said it expects to be issued a written decision from a hearing panel 60 days after March 15. Until then, no delisting action will be taken before the hearing process concludes, the company said.Shares of Zanett were surging by $1.99, or 640%, to $2.30, establishing a new 52-week high. More than 6.01 million shares changed hands by 2:30 p.m. EST Thursday, compared to the stock's 50-day average daily volume of only 20,000 shares. Zanett has a 3.3 million-share float with 19,000 shares short as of Feb. 12, according to Yahoo! Finance. Insiders hold 58% of the company's shares, with another 1.3% owned by institutions. -- Written by Robert Holmes in Boston. Check out all of Thursday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV