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Conolog, iGo: Early Volume Plays

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

OccuLogix (TEAR) surged by 99 cents, or 35.5%, to $3.78 after the in-vitro diagnostic company announced that TLCVision (TLCVQ.PK) will be incorporating the TearLab Osmolarity System in eight of its U.S. refractive surgery centers to study Dry Eye Disease symptoms as they relate to LASIK surgery. Volume topped 719,000 shares, compared to the 50-day average daily volume of 62,000, according to the Nasdaq.

iGo (IGOI) jumped by 15 cents, or 12.4%, to $1.36 after the mobile electronics company said it broke even on a per-share basis in the fourth-quarter, which was better than the single-analyst estimate for a loss of 2 cents a share. Volume topped 1.93 million shares, compared to the 50-day average daily volume of 116,000.

Conolog (CNLG) rose by 23 cents, or 13.6%, to $1.92 after the company said it is adding Ethernet Transmission capability to its CM-100 multiplexer with IEC 61850 protocol. That will result in direct communication between substations is being expanded to include Ethernet transmission for Smart Grid applications, although production will not begin until the first quarter of 2011. Volume topped 531,000 shares, compared to the 50-day average daily volume of 1.6 million.

Innodata Isogen (INOD) sank by 58 cents, or 10.9%, to $4.75 after the process outsourcing company posted a fourth-quarter loss of 3 cents a share, calling the results "disappointing." The company added that the weak performance is due to the impact of a major product cancellation. "While it will take some time to fully redeploy our resources from the canceled project to other client activities, we are working hard to make 2010 another year of profitable growth for Innodata Isogen," the company said. Volume topped 145,000 shares, compared to the 50-day average daily volume of 115,000.

China Security & Surveillance (CSR) dropped by 95 cents, or 11.3%, to $7.43 after the company said in a regulatory filing it plans to sell 20 million in common stock. Volume topped 2.09 million shares, compared to the three-month average daily volume of 1.27 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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