NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Wednesday's session.
VirnetX (VHC) is expected to trade higher Wednesday after law firm McKool Smith said the real-time Internet communications company won a $105.75 million patent infringemen suit against Microsoft (MSFT) in a Texas court. In the verdict, jurors found Microsoft willfully infringed on a VirnetX patent that cover a method of transparently creating a virtual private network (VPN) between a client computer and a target computer, and one that covers a method for establishing a VPN using a secure domain name service. The three-month average daily volume for Virnet X is 454,000, according to Yahoo! Finance. The stock closed Tuesday at $5.59.
Cardium Therapeutics (CXM) may trade higher after the medical technology company posted a fourth-quarter loss of 2 cents a share, which shrank from a year-ago loss of 7 cents a share. Revenue jumped 334% from a year earlier to $180,000. The three-month average daily volume for Cardium is 1.1 million. Shares finished Tuesday's session at 47 cents.
Molecular Insight Pharmaceuticals (MIPI) was poised to tumble Wednesday after the company received a "going concern" warning from its auditors, saying it would be in breach of the minimum liquidity requirements under the indenture governing its senior secured bonds in the second half of 2010, if it is unable to raise sufficient additional capital. The notice came as Molecular posted a fourth-quarter loss of 52 cents a share, which was narrower than the single analyst estimate for a loss of 77 cents a share. The 50-day average daily volume for Molecular is 372,000, according to the Nasdaq. The stock closed at $1.67 Tuesday and dropped more than 22% in the after-market session.Telular (WRLS) should also trade lower after the wireless network product maker cut its guidance. Telular now expects to sell between 24,000 and 28,000 Telguard units in the current quarter, and 12,000 to 20,000 Telguard units per quarter for the third and fourth. Previously, Telular estimated it would sell 30,000 to 40,000 units per quarter for the remainder of 2010. Telular cut its guidance following a change in pricing terms within agreements between security company ADT and its network of authorized dealers. The 50-day average daily volume for Telular is 51,000. The stock closed Wednesday at $4.62 and fell nearly 19% in late trading. -- Written by Robert Holmes in Boston. Check out all of Wednesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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