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TheStreet Open House

Sirius XM, Wave Systems: Early Volume Plays

Stocks in this article: SIRIWAVX

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

Sirius XM (SIRI) dipped by 1% to 90 cents after the satellite radio provider said it intends to offer $550 million of senior notes due 2015, with proceeds from any offering to be used to redeem all of Sirius XM's 9.625% senior notes due 2013. Volume topped 5.5 million shares in the first few minutes of trading, compared to the 50-day average daily volume of 91.1 million, according to the Nasdaq.

Wave Systems (WAVX) dropped by 39 cents, or 10%, to $3.51 even after the digital-security company beat expectations with a fourth-quarter loss of a penny a share on revenue of $5.2 million. Traders on Internet message boards attributed the slide in share price to a "sell the news" reaction. Shares of Wave Systems are still up nearly 150% in 2010. Volume topped 638,000 shares, compared to the 50-day average daily volume of 788,000.

Smith & Wesson (SWHC) slumped by 43 cents, or 9%, to $4.30 after the firearms company offered weak revenue guidance for its fiscal fourth quarter. This came as Smith & Wesson topped the Thomson Reuters average earnings estimate for the third quarter. Volume topped 1.03 million shares, compared to the 50-day average daily volume of 1.19 million.

ADVENTRX Pharmaceuticals (ANX) rallied by 4 cents, or 22%, to 25 cents after the biopharmaceutical company said it has received brand name acceptance from the Food and Drug Administration for its vinorelbine injectable product candidate ANX-530. Volume topped 13.18 million shares, compared to the three-month average daily volume of 23.94 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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