Allied Irish Banks, Bell Microproducts: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Monday's session.
Allied Irish Banks (AIB) plummeted by 75 cents, or 16.9%, to $3.70 in the premarket session after the bank confirmed that it is in discussions with the Irish Financial Regulator in order to meet its capital requirements. Earlier, several media reports said that Allied Irish Bank would need another capital injection, which could bring the taxpayer stake in the bank above 70%. The three-month average daily volume for Allied Irish Banks is 3.74 million, according to Yahoo! Finance.
Inovio BioMedical (INO) may trade lower on increased volume Monday after the company posted a fourth-quarter loss of 7 cents a share, which was wider than a two-analyst average estimate of 4 cents a share. Inovio shares jumped nearly 10% Friday to $1.35. The three-month average daily volume for Inovio is 499,000.
Bell Microproducts (BELM) will likely trade higher after Avnet (AVT) agreed to buy the data storage and server products company for $7 per share in a $252 million deal. Bell Microproducts shares closed Friday at $5.38. The transaction also includes $342 million in debt. Bell Microproduct also raised the lower end of its first- quarter guidance from $780 million to $795 million. The average daily volume for Bell Microproducts is 284,000.
CKX (CKXE) is also poised to trade higher after a Bloomberg report that the company, which is owner of the "American Idol" brand, may be nearing a deal to be purchased by JPMorgan Chase private-equity arm One Equity Partners for $6 per share. The report cited a person with knowledge of the matter. CKX shares rose nearly 9% Friday to close at $5.96. The 50-day average daily volume for CKX is 345,000, according to the Nasdaq. -- 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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