Uranium Resources said late Tuesday that the U.S. Court of Appeals for the Tenth Circuit ruled that the company's Section 8 property in Churchrock, New Mexico is not Indian Country, which clears the way for Uranium Resources to pursue a permit with New Mexico to advance its uranium mining project.
"URI will continue to hold discussions with concerned stakeholders including members of the Navajo Nation, but the court's decision allows us to move forward," Uranium Resources CEO Don Ewigleben said in a statement.
Shares of Uranium Resources surged by 34 cents, or 68%, to 84 cents in the premarket session. The 50-day average daily volume for Uranium Resources is 249,000, according to the Nasdaq.Elsewhere, Power-One (PWER) jumped by 52 cents, or 6.8%, to $8.14 in the premarket session after the power management solutions company said late Tuesday it has completed its two-step reorganization, merging into New Power-One. The surviving company retains the Power-One name and stock symbol, as well as business, operations, assets and liabilities, although Power-One's rights plan, or "poison pill," has been terminated. The 50-day average daily share volume for Power-One is 2.26 million. Immunomedics (IMMU) rose by 20 cents, or 5.8%, to $3.64 in the premarket session after the company said its experimental lupus drug epratuzumab "provided significant efficacy" in a mid-stage trial. Treatment differences were observed as early as week 8, with further improvement to week 12, Immunomedics said the data showed. The 50-day average daily volume for Immunomedics is 877,000. Both Synovus Financial (SNV) and Sterling Bancshares (SBIB) may see an increase in trading volume after Credit Suisse analysts assigned neutral ratings to both stocks. Credit Suisse had previously rated Synovus with an underperform rating and had no coverage on Sterling Bancshares. Synovus shares closed Tuesday at $2.83 and were flat in the premarket session. Sterling Bancshares finished Tuesday's session at $5.21. Meanwhile, Ener1 (HEV) continued to rally, up 14.6% to $3.92 early Wednesday after climbing 12.5% Tuesday. Needham analysts initiated coverage of the battery systems for energy storage company's stock with a buy rating, citing growing demand for lithium-ion batteries. The three-month average daily volume for Ener1 is 740,000, according to Yahoo! Finance. -- 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. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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