This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Star Scientific, Ambac: Early Volume Plays

Stocks in this article: CIGX ABK

( Star Scientific item was corrected to reflect it is not a secondary offering. Please see the correction here..)

NEW YORK ( TheStreet) -- Star Scientific (CIGX) registered 18.05 million shares by selling shareholders under a prospectus.

Star Scientific closed Monday at $1.88 and slumped more than 4% in the after-market session after a regulatory filing showed that stockholders could sell up to 18.05 million common shares. Star Scientific said it is not selling any common stock and will not receive any of the proceeds from the sale.

Star Scientific shares have fallen hard since the company announced a collaboration with Roskamp Institute on Beta-amyloid discovery to treat Alzheimer's disease, falling more than 32% since April 8. The 50-day average daily volume for Star Scientific is 4.65 million, according to the Nasdaq.

Elsewhere, Array BioPharma (ARRY) jumped by 78 cents, or 25.8%, to $3.80 in the premarket session after the company said it has entered into a $467 million licensing agreement with Novartis (NVS) for the development of the cancer drug candidates ARRY-162, ARRY-300 and other small-molecule MEK inhibitors.

Array will initially receive $45 million comprising an upfront and milestone payment and is eligible to receive an additional $422 million if certain clinical, regulatory and commercial milestones are achieved. Array is eligible to receive double-digit royalties on sales of the approved products outside the U.S., and it becomes eligible for a "significantly higher" royalty rate on sales in the U.S. if the company meets co-funding obligations. The 50-day average daily volume for Array BioPharma is 303,000.

FalconStor Software (FALC) dropped by 36 cents, or 11%, to $2.90 in the premarket session after the company offered preliminary results for the first quarter, saying it expects a loss of 8 cents to 9 cents a share on revenue of $16.8 million to $17.1 million. Analysts are looking for a loss of 2 cents a share on revenue of $19.4 million, according to Thomson Reuters.

FalconStor said the revenue shortfall is due to lower-than-expected software license revenue, particularly international software sales. The 50-day average daily volume for FalconStor is 160,000.

Ambac Financial (ABK) continued to bounce from its recent pullback, rising by 18 cents, or 9.3%, to $2.12 in the premarket session after shares rose 10.2% during Monday's session.

Ambac rallied on the bond insurer's better-than-expected fourth-quarter results over a week ago, before pulling back on a JPMorgan analyst's comment that the equity is "worthless." The three-month average daily volume for Ambac is 41.58 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr.

Follow Robert Holmes on Twitter and become a fan of on Facebook.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs