Sirius XM, Chordiant Software: Midday Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Monday's session.
Sirius XM (SIRI) was up a fraction of a penny to 91 cents on a spike in volume after the satellite radio provider upsized a debt offering of 8.75% notes due in 2015 from $550 million to $800 million. Barrington Research said the increased offer enables repayment of $500 million of 9.625% senior notes due 2013 as well as $244.4 million of senior secured term loan due 2012, with more than $50 million left over for general corporate purposes. The firm added that the positive fundamentals continue to provide the underpinnings for their favorable investment view. Volume topped 108 million shares, compared to the 50-day average daily volume of 94,000, according to the Nasdaq.
Chordiant Software (CHRD) surged by $1.16, or 30.5%, to $4.97 after Pegasystems (PEGA) said it will buy the company for $161.5 million, or $5 per share. Volume topped 7.83 million shares, compared to the 50-day average daily volume of 194,000.
Star Scientific (CIGX) jumped by 33 cents, or 20.9%, to $1.91 after the tobacco company said in a regulatory filing that CEO Jonnie Williams bought 2.37 million shares at $1.14 per share on March 9. Volume topped 6.97 million shares, compared to the 50-day average daily volume of 1.14 million.
IntelliPharmaCeutics (IPCI) gave back 72 cents, or 17.4%, to $3.42, retracing some of the stock's 166% surge on Friday. IntelliPharmaCeutics announced on Friday the settlement of a patent suit with Novartis Pharmaceuticals (NVS) and Celgene (CELG), although terms of the settlement were not disclosed. Volume topped 920,000 shares, compared to the 50-day average daily volume of 70,000. -- Written by Robert Holmes in Boston. Check out all of Monday'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!
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