InfoLogix, Benihana: Volume Movers
BOSTON ( TheStreet) -- InfoLogix (IFLG) was one of several stocks trading near $5 poised to move on above-average volume Wednesday after the company said it was granted an extension by the Nasdaq in order to regain compliance with a listing requirement.
InfoLogix shares were set to rise one day after sliding nearly 13% after the enterprise mobility solutions provider said it received a letter from the Nasdaq on July 8 that granted the company's request for an extension of time to regain compliance with the $2.5 million minimum stockholders' equity requirement for continued listing on the exchange.
The extension granted by the Nasdaq's listing panel requires InfoLogix to regain compliance with all the requirements for continued listing on the Nasdaq by Oct. 18.
Shares of InfoLogix rose by 21 cents, or 3.9%, to $5.60 in the premarket session. The average daily share volume for InfoLogix is 1.51 million.Elsewhere, Benihana (BNHN) was poised to move on increased share volume after the restaurant company said late Tuesday that it plans to explore strategic alternatives available, including a possible sale, in order to maximize shareholder value. The average daily share volume for Benihana is 5,000. "The combination of issues relating to raising new capital and the divergent views of these shareholders have made it extremely difficult for the Company to implement with confidence a growth plan that would include organic growth as well as acquisitions at this time," CEO Richard Stockinger said in a statement. Benihana shares have jumped more than 43% in 2010, although over the last 12 months the stock has dropped 17%. Meanwhile, Allied Irish Banks (AIB) and Bank or Ireland (IRE) were among the top volume movers in Wednesday's premarket session after Bloomberg reported that Dublin-based Glas Securities argues that Allied Irish Banks may struggle to pass European stress tests, noting that the bank will not complete its capital-raising initiatives before the results are due. The Bloomberg report says Glas Securities views Bank of Ireland as "likely to pass" the stress tests. Still, both Allied Irish Banks and Bank of Ireland shares were losing ground in Wednesday's premarket session, falling 4.4% and 6.1%, respectively. The average daily share volume for Allied Irish Banks is 3.06 million, and the average daily share volume for Bank of Ireland is 2.51 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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