Sirius XM, Conexant Systems: Early Volume Plays

NEW YORK (TheStreet) -- Sirius XM (SIRI) will likely be one of Wednesday's big volume movers after the satellite radio company avoided delisting from the Nasdaq.

Sirius XM said late Tuesday that it regained compliance with the Nasdaq's minimum bid price requirement after the stock closed above $1 for 10 consecutive sessions. A hearing scheduled with the Nasdaq on Thursday has been cancelled, the company said.

Sirius XM also said that it will not need to consider a reverse stock split given the Nasdaq's compliance determination. Separately, Sirius XM said it will report first-quarter financial results on May 4.

Sirius XM shares rose slightly in Tuesday's after-market session, gaining 1.3% to $1.16. The 50-day average daily share volume for Sirius XM is 164.9 million, according to the Nasdaq.

Elsewhere, Hutchinson Technology (HTCH) was poised drop during Wednesday's session after the disk drive company posted a second-quarter loss of 67 cents a share, far wider than the average estimate for a loss of 11 cents a share. Revenue was up nearly 11% from a year ago to $87.6 million, although that fell short of the $98.6 million consensus.

Hutchinson shares closed Tuesday at $7.84 and fell 23.2% in the late trading session to $6.02. The 50-day average daily share volume for Hutchinson is 321,000.

Conexant Systems (CNXT) lost 36 cents, or 8.9%, to $3.68 in Tuesday's after-market session after the semiconductor company notched a second-quarter profit of 12 cents a share, coming in a penny below estimates. In addition, Conexant offered earnings and revenue guidance for its third quarter that was below analysts' targets.

The 50-day average daily volume for Conexant Systems is 2.71 million.

Concurrent Computer (CCUR) fell by 60 cents, or 10.1%, to $5.33 in late trading Tuesday after the company reported a third-quarter adjusted loss of 12 cents a share, surprising analysts who had expected a profit of 5 cents a share. Revenue fell 24% from a year ago to $14.6 million, although that was above the $12.5-million consensus.

The 50-day average daily share volume for Concurrent Computer is 17,000.

On the upside, Cardiovascular Systems (CSII) rose 10.5% to $5.25 in Tuesday's after-market session after the company said it has received an unconditional approval from the Food and Drug Administration that will allow Cardiovascular Systems to hold a pivotal trial to evaluate the safety and effectiveness of its Diamondback 360 system in the coronary arteries.

The 50-day average daily volume for Cardiovascular Systems is 34,000.

-- Written by Robert Holmes in Boston.

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