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. Check out all of Wednesday'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. >>>Also see: Top Sirius ETFs
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV