InfoLogix, RADA Electronic: Volume Movers
NEW YORK (TheStreet) -- InfoLogix (IFLG) was one of several stocks trading near $5 moving on above-average volume during Monday's session after the enterprise mobility solutions company reportedly detailed its agreement with a software provider.
Strength in shares of InfoLogix was attributed by Briefing.com to a posting on the company's Web site that details its agreement with software giant SAP (SAP). Briefing.com noted that InfoLogix announced on May 12 its strategic partnership to provide voice-enabled mobile solutions for SAP customers.
InfoLogix shares jumped by 37 cents, or 16.2%, to $2.65 after the company. Volume topped 2.08 million shares, compared to the 50-day average daily volume of 1.02, according to the Nasdaq.
InfoLogix shares surged on June 14 after Briefing.com reported on rumors that Omnicell (OMCL) may be looking to acquire the 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. Elsewhere, RADA Electronic Industries (RADA) shares rose by 13 cents, or 6.5%, to $2.15 after the defense electronics company said it has signed a follow on contract with a value of close to $6.5 million to the aircraft of a customer in Latin America. RADA Electronic said the contract is the second phase of a major aircraft upgrade program having current value in excess of $15 million. Volume topped 30,000 shares, compared to the 50-day average daily volume of 6,000. On the other hand, Cypress Bioscience (CYPB) dropped by $1.34, or 30.9%, to $3 after the company said it has entered into an exclusive North American license for the development and commercialization of BioLineRx's BL-1020 schizophrenia treatment.
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