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New York & Co., Wabash National: Midday Volume Plays

NEW YORK (TheStreet) -- New York & Company (NWY) was one of several stocks trading near $5 moving on above-average volume Thursday after reporting a first-quarter loss and forecasting a bigger loss in the second quarter.

New York & Company reported a first-quarter loss of $4.86 million, or 8 cents a share, roughly unchanged from a year ago. However, due to increased promotional activity, the retailer now expects to record a bigger second-quarter loss than in the year-ago period.

New York & Co. shares plunged by $1.20, or 22.6%, to $4.10. Volume topped 973,000 shares, compared to the three-month average daily volume of 248,000, according to Yahoo! Finance.

In other retailer news, Hot Topic (HOTT) shares dropped by 60 cents, or 9.2%, to $5.93 after the company noted a first-quarter loss of 4 cents a share on declining sales and said it expects a loss of 7 cents to 10 cents a share in the second quarter. Volume topped 2.79 million shares, compared to the 50-day average daily volume of 2 million, according to the Nasdaq.

Elsewhere, Antigenics (AGEN) fell by 20 cents, or 14.7%, to $1.16 even after the company presented data from a multi-center Phase 1/2 clinical trial of 32 evaluable patients that suggests hat vaccination with Oncophage may improve overall survival in patients with recurrent high-grade glioma. Volume topped 6.27 million shares, compared to the 50-day average daily volume of 2.72 million.

Wabash National Corp. (WNC) slid by $1.45, or 16.4%, to $7.41 after the company said it will offer 11 million shares of common stock, which equals about 35% of the current outstanding number of shares. Wabash said that net proceeds will be used to repay debt. Volume topped 1.52 million shares, compared to the three-month average daily volume of 1.06 million.

-- Written by Robert Holmes in Boston.

Check out all of Monday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr.

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