Zanett, Tri-Valley: Early Volume Plays

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

Zanett (ZANE) surged by $1.44, or 78.3%, to $3.28 after the company said it signed $17.1 million in new business during the first three months of 2010. Previously, Zanett said it closed $12 million in new business during January and February. Volume topped 2.38 million shares, compared to the 50-day average daily volume of 1.14 million, according to the Nasdaq.

PURE Bioscience (PURE) jumped by 27 cents, or 16.6%, to $1.90 after the company said it received U.S. Environmental Protection Agency registration for silver dihydrogen citrate, or SDC, based disinfectant and food contact surface sanitizer. Volume topped 151,000 shares, compared to the 50-day average daily volume of 119,000.

eDiets.com (DIET) slumped by 28 cents, or 19.7%, to $1.15 after the company announced a $5.275 million registered direct offering of common stock at $1 per share. Volume topped 16,000 shares, compared to the 50-day average daily volume of 20,000.

Tri-Valley Corp. (TIV) plummeted by 73 cents, or 34%, to $1.42 after the company said that institutional investors purchased approximately 3.84 million shares of common stock at $1.30 per share for a total of $5 million in gross proceeds. The institutional investors also received warrants to purchase up to 2.3 million shares in the aggregate. Volume topped 716,000 shares, compared to the three-month average daily volume of 54,000, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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