China Direct, Taseko Mines: Early Volume Plays
NEW YORK (TheStreet) -- China Direct Industries (CDII) was one of several stocks trading near $5 were poised to move on above-average volume Thursday after the Chinese company posted quarterly results.
China Direct said late Wednesday it had a second-quarter profit of 6 cents a share, swinging from a year-ago loss of 6 cents a share. Revenue climbed 13% from a year ago to $23.4 million. Looking ahead, China Direct said it continues to see full-year net income of between $8 million and $10 million on revenue ranging from between $130 million to $150 million.
China Direct shares jumped by 21 cents, or 13.5%, to $1.77 in the premarket session. The 50-day average daily volume for China Direct is 387,000, according to the Nasdaq.
Top Dividend Stocks Under $5
Elsewhere, NexMed (NEXM) shares were poised to trade higher after the company said late Wednesday that results from a pre-clinical study showed that Vitaros, the company's NexACT-based alprostadil product, significantly promoted healing of deep tissue wound. Vitaros is currently in late-stage development for the treatment of erectile dysfunction.NexMed shares closed Wednesday at 42 cents and were up more than 3.5% in early trading Thursday. The 50-day average daily volume for NexMed is 3.93 million. Express-1 Expedited Solutions (XPO) was also set to trade higher after the transportation services company notched a first-quarter profit of 3 cents a share, compared the break-even quarter a year ago. Revenue was up 58% to $31.6 million, the company said. Shares of Express-1 closed Wednesday at $1.51. The three-month average daily volume for Express-1 is 54,000, according to Yahoo! Finance. Taseko Mines (TGB) should also gain ground Thursday after the company said it has entered into a gold stream transaction with Franco-Nevada Corp. Taseko sad it will receive staged cash deposits in aggregating $350 million to be paid during mine construction as well as 2 million Franco-Nevada warrants to be issued on the date of the first advance of the cash payment. For each ounce of gold delivered to Franco-Nevada, Taseko will receive a further cash payment of $400, the company said. Following the announcement, Taseko's stock was upgraded to outperform from market perform by Raymond James analysts. Shares closed Wednesday at $5.52 and were up more than 11% in the premarket session Thursday. The three-month average daily volume for Taseko is 2.07 million. -- Written by Robert Holmes in Boston. Check out all of Thursday'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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV