Popular, Jackson Hewitt: Midday Volume Plays

NEW YORK (TheStreet) -- Popular (BPOP) was among several stocks trading near $5 were moving on above-average volume Monday after a subsidiary acquired the assets and deposits of a bank failure in Puerto Rico.

Popular fell after its subsidiary Banco Popular de Puerto Rico assumed $11.9 billion in total assets from failed bank Westernbank Puerto Rico, which was a subsidiary of W. Holding (WHI). The Federal Deposit Insurance Corp. agreed to share in losses on $8.8 billion and estimated $3.31 billion in costs to its insurance fund.

Popular was down 18 cents, or 4.6%, to $3.77. Volume topped 29.23 million shares, compared to the 50-day average daily volume of 27.14 million, according to the Nasdaq.

Meanwhile, Pacific Capital Bancorp (PCBC) continued to plummet, falling by 35 cents, or 20%, to $1.39, bringing its three-day loss to more than 65%. Volume topped 4.62 million shares in the first hour of trading, compared to the 50-day average daily volume of 3.59 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 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.

On the other hand, Pozen (POZN) traded higher after the Food and Drug Administration approved its osteoarthritis drug Vimovo, which will be marketed by AstraZeneca (AZN).

Pozen jumped by 37 cents, or 16.2%, to $2.65. Volume topped 6.59 million shares, compared to the 50-day average daily volume of 591,000.

Raptor Pharmaceuticals (RPTP) surged by 77 cents, or 31.4%, to $3.22 after the company said a Phase 2a study showed its experimental drug to treat patients with a progressive form of liver disease reduced the level of specific liver enzymes by 50%. Volume topped 1.65 million shares, compared to the 50-day average daily volume of 93,000.

Jackson Hewitt Tax Service (JTX) rallied by 67 cents, or 39.9%, to $2.35 after the tax preparer said it has amended its credit agreement with lenders to ensure its off-season operations are fully funded.