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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV