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Cell Therapeutics, Zoom Technologies: Midday Volume Plays

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

Cell Therapeutics (CTIC - Get Report) jumped by 23 cents, or 26.2%, to $1.13 after the Food and Drug Administration completed an inspection of a facility that manufactures the company's pixantrone drug and found the site in compliance and acceptable for continued manufacturing. Volume topped 61.96 million shares, compared to the 50-day average daily volume of 16.65 million, according to the Nasdaq.
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How much further can CTIC go?

Zanett (ZANE) shares were surging by $1.36, or 70.5%, to $3.29, continuing a three-day rally that has been good for 722%. The surge was sparked by the customized IT solutions company announcement that it booked $12 million in new contracts during the first two months of 2010. Volume topped 4.98 million shares, compared to the 50-day average daily volume of 347,000.

Poniard Pharmaceuticals (PARD) slumped by 14 cents, or 7.9%, to $1.63 after the company posted a fourth-quarter loss of 36 cents a share, which was wider than the Thomson Reuters average estimate for a loss of 24 cents a share. Poniard said that it believes it has sufficient financial resources to operate to at least the end of the year. Volume topped 3.22 million shares, compared to the 50-day average daily volume of 2.62 million.

Zoom Technologies (ZOOM) surged by $1.88, or 30.8%, to $7.98 after the company filed with the Securities and Exchange Commission a presentation it plans to present at upcoming conferences. In the presentation, Zoom makes reference to Google's (GOOG - Get Report) Android operating system, an indication it could incorporate the software for its own Leimone brand of mobile devices. Volume topped 922,000 shares, compared to the 50-day average daily volume of 50,000.

International Coal (ICO) dropped by 48 cents, or 10.2%, to $4.25 after the company filed for concurrent offerings of 21.2 million shares of common stock, $75 million of convertible senior notes and $200 million of senior secured second-priority notes. Volume topped 3.74 million shares, compared to the three-month average daily volume of 2.1 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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ZANE $0.07 0.00%
CTIC $1.63 0.00%
PARD $0.08 0.00%
ZOOM $0.04 0.00%
GOOG $643.61 0.00%


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