Playboy said it is downsizing its organizational structure and expects to record a restructuring charge of approximately $3 million in the second quarter as a result. The company did not disclose how many jobs were being cut.
Late in 2009, Iconix Brand (ICON) was reportedly set to buy Playboy before talks between the two dissolved.
Shares of Playboy shares closed Tuesday at $4.08, and have climbed more than 27% in 2010. The three-month average daily volume for Playboy is 163,000, according to Yahoo! Finance.Elsewhere, ADA-ES (ADES) jumped by 30 cents, or 5.8%, to $5.50 in Tuesday's after-market session after the company said it has finalized an exclusive development and licensing agreement with Arch Coal (ACI). ADA-ES will receive an upfront payment of $2 million and royalty payments that could amount to as much as $1 per ton of coal sold by Arch. The 50-day average daily volume for ADA-ES is 21,000, according to the Nasdaq. TIB Financial (TIBB) slumped by 29 cents, or 42.1%, to 40 cents in the premarket session after North American Financial Holdings agreed to invest approximately $175 million in TIB through the purchase of newly issued shares of TIB common stock and convertible preferred stock. NAFH also has the right to invest up to an additional $175 million. The 50-day average daily volume for TIB Financial is 287,000. EnteroMedics (ETRM) fell by 8 cents, or 16.4%, to 40 cents after the close of Tuesday's regular session after the company announced a 1-for-6 reverse split of its common stock, to be effective upon the close of trading on July 9, in order to meet the Nasdaq's minimum bid price listing requirement. The 50-day average daily volume for EnteroMedics is 1.17 million. Pacific Ethanol (PEIX) rose by 4 cents, or 8.8%, to 50 cents in Tuesday's late trading session after the company said four wholly-owned ethanol production facility subsidiaries had emerged from bankruptcy. Pacific Ethanol said it has eliminated approximately $290 million in debt and other liabilities from its balance sheet, and that the bankruptcy did not affect its ownership structure and the Company continues to be owned by its existing common and preferred stockholders. The average daily volume for Pacific Ethanol is 1.01 million. -- 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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