NEW YORK (TheStreet) -- Resource Capital (RSO) was among several stocks trading near $5 poised to move on above-average volume Thursday after the company priced a secondary offering at a discount to its closing price Wednesday.
Resource Capital said it has priced a public offering of 7.5 million shares of its common stock at $5.25 per share. Underwriters were granted a 30-day option to purchase up to an additional 1.12 million shares of common stock to cover overallotments, if any.
Resource Capital shares dropped by 53 cents, or 9.4%, to $5.14 in the premarket session. The three-month average daily volume for Resource Capital is 740,000, according to Yahoo! Finance.
Stock Falls Hard on Offering
Elsewhere, Bank of Ireland (IRE) dropped by $1.30, or 18.7%, to $5.66 in the premarket session after the bank's shareholders approved a €3.5 billion capital-raising program. The three-month average daily volume for Bank of Ireland is 1.97 million.On the other hand, China Techfaith Wireless (CNTF) jumped by 35 cents, or 15.5%, to $2.61 in the premarket session after the company reported first-quarter net income of $6.9 million on revenue of $60.9 million, up from year-ago net income of $2.1 million and revenue of $48.7 million. Looking ahead, China Techfaith said it expects second-quarter revenue of $62 million to $65 million. The 50-day average daily volume for China Techfaith is 153,000, according to the Nasdaq. SMTC Corp. (SMTX) rose by 14 cents, or 3.7%, to $3.88 in the premarket session after the company said it has amended loan agreements with Wells Fargo Capital Finance Corporation and Export Development Canada to refinance its short- and long-term debt. The 50-day average daily volume for SMTC is 421,000. -- 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.
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