CTI Industries shares rose after the novelty products maker posted a first-quarter profit of 21 cents a share on revenue of $12.4 million, which was well ahead of the lone analyst estimate for a profit of 10 cents a share on revenue of $10.6 million, according to Thomson Reuters.
CTI Industries surged by $2.28, or 64.8%, to $5.80. Volume topped 335,000 shares, compared to the 50-day average daily volume of 10,000, according to the Nasdaq.
Meanwhile, Pacific Capital Bancorp (PCBC) continued to plummet, falling by 56 cents, or 25.6%, to $1.63, bringing its two-day loss to more than 60%. Volume topped 12.29 million shares, compared to the 50-day average daily volume of 3.28 million.On Thursday, Pacific Capital Bancorp said it will receive $500 million from the sale of 225 million shares to private-equity firm Ford Financial Fund at a price of 20 cents per share. Pacific Capital said it will also sell 455,000 shares of newly created preferred stock to Ford Financial at $1,000 per share. After the transactions, Ford will own approximately 91% of Pacific Capital's common stock on an as-converted basis. Elsewhere, Central Pacific Financial (CPF) dropped by 46 cents, or 18.2%, to $2.07 after the company recorded a first-quarter adjusted loss of $1.97 a share, which was wider than a single analyst estimate for a loss of $1.54 a share. Central Pacific said the provision for loan and lease losses was $58.8 million, compared to $26.8 million in the year-ago quarter and $105.2 million in the fourth quarter of 2009. Volume topped 2.26 million shares, compared to the three-month average daily volume of 1.19 million, according to Yahoo! Finance. Pinnacle Data Systems (PNS) rallied by 37 cents, or 34.6%, to $1.44 after the company swung to a first-quarter profit of 4 cents a share from a year-ago loss of 9 cents a share. Total sales declined 19% to $8.8 million, but were up 2% sequentially. Volume topped 211,000 shares, compared to the three-month average daily volume of 4,400. Among other big volume movers, Trico Marine Services (TRMA) jumped 17.1% to $3.08, and volume of 5.47 million was well ahead of its 50-day average of 836,000. Popular (BPOP) also traded higher, rising 7.4% to $4.06. Volume topped 52.6 million shares, more than doubling its average daily volume. On the downside, Ambac Financial (ABK) fell 12.6% to $1.46 as volume of 35.6 million was just below its average daily volume of 46.68 million shares. -- Written by Robert Holmes in Boston. Check out all of Friday'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.
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