Hellenic Telecom, AspenBio Pharma: Midday Volume Plays

NEW YORK (TheStreet) -- Hellenic Telecom (OTE) was one of several stocks trading near $5 moving on above-average volume Monday after the company cuts its dividend due as part of intensified efforts aimed at cash preservation.

Hellenic Telecom said that due to Greece's funding crisis and "the resulting uncertainty from a macroeconomic perspective," the Greek telecom provider's board of directors proposed the distribution of a 19 cents per share dividend, down from the initial proposal for a 50 cents per share dividend, announced in February.

Hellenic Telecom plummeted by 45 cents, or 11.4%, to $3.49. Volume topped 812,000 shares, compared to the three-month average daily volume of 523,000, according to Yahoo! Finance.

Elsewhere, Javelin Pharmaceuticals (JAV) jumped by 37 cents, or 16.2%, to $2.65 after the company said that Hospira (HSP) will fund a $2 million loan under the existing loan agreement. Volume topped 1.11 million shares, compared to the three-month average daily volume of 1.69 million.

Stocks Under $5 Top 10 Buy-Rated Stocks Under $5

Last week, Javelin Pharmaceuticals said it has filed a lawsuit against Hospira and its subsidiary Discus Acquisition Corp. for a breach of the merger agreement announced in April. Javelin's lawsuit contends that Hospira and Discus breached the merger agreement by failing to accept and pay for shares tendered through May 18.

AspenBio Pharma (APPY) dropped by $1.80, or 53.3%, to $1.58 after the company said results from the phase III study of its AppyScore appendicitis blood test showed "unexplained variability" from site to site.

Instead, AspenBio said it will delay seeking marketing approval from the Food and Drug Administration until further additional data analysis can be completed. Volume topped 4.36 million shares, compared to the 50-day average daily volume of 778,000, according to the Nasdaq.

Eagle Bulk Shipping (EGLE) jumped by 24 cents, or 5.5%, to $4.60 after Morgan Stanley upgraded the stock to overweight from equal weight with a $7 price target. The firm cited valuation and an improving risk profile, calling Eagle Bulk a favorable turnaround story. Volume topped 2.11 million shares, compared to the 50-day average daily volume of 3.11 million.

-- Written by Robert Holmes in Boston.

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