Encorium Group, Rock of Age: Midday Volume Plays

NEW YORK (TheStreet) -- Encorium Group (ENCO) was one of several stocks trading near $5 moving on above-average volume during Monday's session.

Encorium Group rallied by $1.60, or 66.7%, to $4 after the clinical research company said it has recently been awarded $6.8 million of new business awards, primarily consisting of two Phase III studies for a major Asian technology company.

The news came as Encorium Group posted preliminary first-quarter results. The company expects a net loss of 57 cents to 64 cents a share in the quarter, compared to a net loss of 8 cents a share in the year-ago quarter. Revenue likely fell to $3 million from $4.5 million in the same quarter of 2009.

In April, Encorium Group 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. The company also 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.

Volume in Encorium topped 1.85 million shares, compared to the 50-day average daily volume of 802,000, according to the Nasdaq.

Elsewhere, Rock of Ages (ROAC) jumped by 72 cents, or 21.5%, to $4.10 after the granite company said it has received an unsolicited acquisition proposal from Swenson Granite Company to go private at a price of $4.38 per share in cash. Volume topped 61,000 shares, compared to the 50-day average daily volume of 4,200.

Kite Realty Group Trust (KRG) rose by 78 cents, or 17.5%, to $5.25 after Raymond James analysts upgraded the stock to outperform from market perform. Volume topped 273,000 shares, compared to the three-month average daily volume of 322,000, according to Yahoo! Finance.

Meanwhile, several small cap bank stocks were rallying on increased volume, following the broader financial sector higher. Crescent Banking Company (CSNT) was up 33.1% to $2.13, Community Central Bank (CCBD) gained 23.3% to $3.20, and Bay National (BAYN) climbed 20.6% to $1.25

Additionally, Sprint Nextel (S) and E*Trade Financial (ETFC) were moving sharply higher on heavy volume. Sprint advanced 5% to $4.03 on volume of more than 36 million shares. E*Trade was up 6% to $1.59 on volume of nearly 28 million shares.

-- Written by Robert Holmes in Boston.

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