NEW YORK ( TheStreet) -- Tower Semiconductor (TSEM) was one of several stocks trading near $5 poised to move on above-average volume Monday after the company's subsidiary said it has been selected to help manufacture next-generation consumer 3-D image sensors.
TowerJazz, the collective operated by Tower Semiconductor and subsidiary Jazz Semiconductor, said Monday that 3-D sensor company Canesta is using TowerJazz's CMOS image sensor (CIS) technology to manufacture its innovative CanestaVision 3-D image sensors. The companies said that 3-D image sensors are "critically important to evolve to natural user interfaces for complex consumer electronic products."
Shares of Tower Semiconductor jumped by 13 cents, or 8.8%, to $1.61 in the premarket session. The 50-day average daily volume for Tower Semiconductor is 917,000, according to the Nasdaq.
Elsewhere, InfoLogix (IFLG) shares fell by 17 cents, or 2.9%, to $5.75 in Friday's aftermarket session following an active week for the company's stock.InfoLogix shares surged on June 14 after Briefing.com reported on rumors that Omnicell (OMCL) may be looking to acquire the enterprise mobility solutions company. On Tuesday, InfoLogix said it will sell its U.S. and South Korean patents on Touch Screen Systems and Methods to Intellectual Ventures Fund for $2.2 million. A day later, InfoLogix said its accounting firm McGladrey & Pullen was resigning, effective immediately. The firm's reports on financial statements for the previous two years did not contain an adverse opinion, although it did contain an explanatory paragraph disclosing the uncertainty regarding the ability of InfoLogix to continue as a going concern. In addition, traders noted that InfoLogix CEO David Gulian and other insiders sold shares of the company earlier in June. The 50-day average daily share volume for InfoLogix is 1.02 million. EF Johnson Technologies (EFJI) surged by 43 cents, or 41.8%, to $1.46 in the premarket session after the company said it has entered into an amendment to its merger agreement with an affiliate of Francisco Partners. Under the terms of the amended merger agreement, an affiliate of Francisco Partners will acquire all of the outstanding shares of EF Johnson Technologies' common stock for $1.50 per share in cash. That is an increase of over 42% over the $1.05 per share cash purchase price previously announced on May 17. The 50-day average daily volume for EF Johnson Technologies is 144,000. NextWave (WAVED) slid by 2 cents, or 7.1%, to 26 cents in Friday's aftermarket session after the company announced a 1-for-7 reverse stock split, effective Monday, in order to maintain listing on the Nasdaq. The average daily share volume for NextWave is 580,000. -- 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. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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