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.
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