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ChipMOS, Westell Technologies: Early Volume Plays

NEW YORK ( TheStreet) -- ChipMOS Technologies (IMOS - Get Report) was one of several stocks trading near $5 poised to move on above-average volume Wednesday as shares of the semiconductor company rose following the release of first-quarter results.

ChipMOS Technologies reported an adjusted first-quarter profit of 11 cents a share, swinging from a year-ago loss of 13 cents a share. Revenue jumped 61% from a year ago to $115.7 million, the company said.

Looking ahead, ChipMOS said it expects second-quarter revenue to rise 17% to 23% over the first quarter.

ChipMOS Technologies shares jumped by 18 cents, or 10.9%, to $1.83 in Tuesday's after-market session following the earnings release. The 50-day average daily volume for ChipMOS is 984,000, according to the Nasdaq.

Elsewhere, Westell Technologies (WSTL - Get Report) rose by 7 cents, or 5%, to $1.47 in late trading Tuesday after the networking equipment company posted a fourth-quarter profit of 4 cents a share on revenue of $37.8 million. The lone analyst target called for a profit of 3 cents a share, according to Thomson Reuters.

The 50-day average daily share volume for Westell Technologies is 155,000.
Stock Picks
5 Stocks to Avoid Euro Crisis

Magellan Petroleum (MPET - Get Report) shares rallied by 14 cents, or 8.6%, to $1.76 in Tuesday's late trading session after the company said that Luxembourg-baed Young Energy Prize has agreed to an additional equity investment in Magellan of $15.6 million. The 50-day average daily volume for Magellan Petroleum is 278,000.

CompuCredit Holdings (CCRT) may lose ground Wednesday after Keefe Bruyette & Woods analysts downgraded the stock to underperform from market perform, citing "significant potential downside to the shares" based on the tangible book value pro forma for recent share repurchase activity. The 50-day average daily volume for CompuCredit is 161,000. The stock closed Tuesday at $5.56.

-- 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.

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