BOSTON ( TheStreet) -- Emerson Radio (MSN - Get Report) was one of several stocks trading near $5 poised to move on above-average volume Thursday after the company said it swung to a fiscal fourth-quarter profit.
Emerson Radio said it had fiscal fourth-quarter net income from continuing operations of $3.6 million, or 13 cents a share, swinging from a year-ago loss of $2.2 million, or 8 cents a share. Fiscal fourth-quarter revenue was up 19.5% to $51.5 million, mostly due to increased sales of microwave ovens, the company said.
Shares of Emerson Radio jumped by 30 cents, or 17%, to $2.07 in the premarket session. The average daily share volume for Emerson Radio is 39,000.
Elsewhere, Arena Pharmaceuticals (ARNA - Get Report) traded higher ahead of the Food and Drug Administration advisory panel meeting Thursday to review Vivus' (VVUS) weight-loss drug Qnexa. TheStreet's Adam Feuerstein will be live blogging the FDA advisory panel's meeting beginning at 7:45 a.m. ET.Shares of Arena Pharmaceuticals added 40 cents, or 9.4%, to $4.68 in the premarket session. The average daily share volume for Arena Pharmaceuticals is 4.65 million. ShoreTel (SHOR - Get Report) rose by 11 cents, or 2%, to $5.50 in Wednesday's after-market session after the company upped its revenue forecast for the company's fiscal fourth quarter, saying it expects to report revenue of $41 million to $42 million. The Internet phone and messaging systems provider previously said it expected fiscal fourth-quarter revenue of $35 million to $38 million. In addition, ShoreTel CEO John Combs said he will leave the company. The average daily share volume for ShoreTel is 116,000. Lakes Entertainment (LACO - Get Report) jumped by 17 cents, or 6.9%, to $2.63 in Wednesday's after-house session after the company said it has received $25 million from Penn National Gaming as part of a termination agreement where Lakes Entertainment will relinquish all right, title and interest it had in the casino projects in Columbus, Ohio and Toledo, Ohio. "Although we believe the Toledo and Columbus casinos will be very successful, receiving $25 million now is a good return on our investment with Penn," Lakes Chairman and CEO Lyle Berman said in a statement.. The average daily share volume for Lakes Entertainment is 166,000. On the downside, Oxygen Biotherapeutics (OXBT - Get Report) fell by 11 cents, or 4%, to $2.65 in Wednesday's after-market session after the company's Chairman and CEO Chris Stern said in a letter to shareholders that the company has transitioned from a "smaller reporting company" to an "accelerated filer" as defined by the Securities and Exchange Commission. Due to the accelerated filer deadlines and the need to provide an independent auditor's attestation report, Stern said Oxygen Biotherapeutics needs additional time to finalize the required disclosures and documentation for our Form 10-K for the fiscal year, although he expects the company will file the 10-K within the permitted 15-day extension period. The average daily share volume for Oxygen Bioteherapeutics is 25,000. Meanwhile, Peregrine Pharmaceuticals (PPHM - Get Report) were poised to trade on increased volume after the company said it had a fiscal fourth-quarter loss of $7.7 million, or 16 cents a share, widening from a year-ago loss of $3.6 million, or 9 cents a share. Revenue dropped to $4.4 million in the recent quarter, down from $7.9 million in the year-ago quarter. Analysts forecasted a loss of 9 cents a share on revenue of $6.9 million, according to Thomson Reuters.. The average daily share volume for Peregrin Pharmaceuticals is 816,000. -- Written by Robert Holmes in Boston. Check out all of Thursday'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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