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) 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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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) 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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