This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Encorium Group, Reed's: Midday Volume Plays

Stocks in this article: ENCOREED

NEW YORK ( TheStreet) -- Encorium Group (ENCO ) was one of several stocks trading near $5 were moving on above-average volume Thursday, as shares bounced following a negative reaction to its fourth-quarter earnings results.

Late Monday, Encorium said fourth-quarter net revenue fell 21.4% from a year ago to $4.4 million. The company said its loss from continuing operations narrowed to 18 cents a share from a year-ago loss of $4.92 a share.

Encorium also said it burned through $8 million in net cash used in operations during 2009, leaving it with enough cash to meet requirements into March 2011. As such, the company said it may be required to obtain additional capital or significantly reduce its operating costs, which may include the cessation of operations in some countries.

Making matters worse, Encorium said it anticipates that a delisting action will be brought against the company for failure to comply with the Nasdaq's $2.5 million minimum stockholders' equity requirement.

Through Wednesday, Encorium shares sank more than 30% this week, hitting a low of $3.79. Lately, though, the stock was bouncing back, climbing nearly 18% to $4.56. Volume topped 636,000 shares, compared to the 50-day average daily volume of 715,000, according to the Nasdaq.

Elsewhere, Reed's (REED) was also among the big volume winners of the day, rising by 39 cents, or 19%, to $2.45 after the company said it has expanded its product placement into Harris Teeter Food Markets

Harris Teeter, which operates 196 stores throughout the South, will immediately begin carrying six SKUs of Reed's branded products. Reed's volume topped 1.1 million shares, compared to the 50-day average daily volume of 165,000.

On Tuesday, Reed's shares jumped after the beverage maker said it 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.

On the downside, The McClatchy Company (MNI) fell by 81 cents, or 11.9%, to $6.02 after the company posted a first-quarter adjusted profit of 6 cents a share, which was below the Thomson Reuters average estimate of 10 cents a share. Revenue fell 8.2% from a year ago to $335.6 million, although that was above consensus.

McClatchy's volume topped 2.37 million shares, compared to the three-month average daily volume of 1.41 million, according to Yahoo! Finance.

Gushan Environmental Energy Limited (GU) slumped by 9 cents, or 8%, to $1.03 after the biodiesel company said it will temporarily suspend operations at its Shanghai plant from April 15 until Oct. 31 due to the heightened control measures by the Shanghai municipal government leading up to the Expo 2010, which runs until Oct. 31. Volume topped 1.21 million shares, compared to the three-month average daily volume of 502,000.

-- Written by Robert Holmes in Boston.

Check out all of Thursday'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 TheStreet.com on Facebook.

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • 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