Reed's, Jones Soda: Midday Volume Plays

NEW YORK (TheStreet) -- Reed's (REED) was among several stocks trading near $5 were moving on above-average volume Tuesday after the company predicted a revenue increase of 20% or more this fiscal year.

Reed's jumped by 76 cents, or 45%, to $2.45 after Chairman and CEO Chris Reed said the beverage maker anticipates a "minimum of 20% increase in revenues for fiscal 2010." This came as Reed's said fourth-quarter revenue rose 21% over the prior year.

Reed's saw volume top 3.84 million shares, compared to the 50-day average daily volume of 67,000, according to the Nasdaq.

Meanwhile, Jones Soda (JSDA), which at one time signed a letter of intent to be acquired by Reed's in a $9.8 million deal, jumped by 12.2% to $1.20 after the company said Target (TGT) will being to sell its Gaba line of beverages in May. Volume topped 3.49 million shares, compared to the 50-day average daily volume of 422,000.

Prana Biotechnology (PRAN) shares pulled back sharply one day after surging 78% on a Journal of Alzheimer's Disease published an article Monday about PBT2, the company's lead drug candidate. Prana said the article provided "new analysis that it is effective in reversing dementia symptoms."

Shares of Prana were lately down 15% to $2.05, though, after the company announced plans to commence a definitive Phase IIb trial of PBT2 before the end of this year. Volume topped 2.26 million shares, compared to the 50-day average daily volume of 192,000.

Journal Communications (JRN) rallied by 71 cents, or 13.4%, to $6 after the company reported first-quarter earnings of 9 cents a share, which was above the Thomson Reuters consensus of 7 cents a share. Volume topped 1.19 million shares, compared to the three-month average daily volume of 165,000, according to Yahoo! Finance.

Among other big movers on high volume, Conolog (CNLG) rallied 19% to $1.82, Unilife (UNIS) gained 27.6% to $8, and Acura Pharmaceuticals (ACUR) slumped 15.4% to $6.68.

-- Written by Robert Holmes in Boston.

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