BOSTON (TheStreet) -- Joe's Jeans (JOEZ) was one of several stocks trading near $5 poised to move on above-average volume Friday after the company reported second-quarter results and said it expects gross margins to increase going forward.
Joe's Jeans said it had a second-quarter profit of a penny a share on revenue of $25.9 million, compared with the Thomson Reuters average estimate for earnings of a penny a share on sales of $23.1 million. The company said that it expects to see "a meaningful lift" in gross margins as it grows new product categories.
Shares of Joe's Jeans jumped by 13 cents, or 6.3%, to $2.20 in Thursday's after-market session. The average daily share volume for Joe's Jeans is 1.04 million.
Elsewhere, Vivus (VVUS) shares plunged by $6.71, or 55.4%, to $5.40 in the premarket session after a U.S. Food and Drug Administration advisory panel rejected the company's weight-loss drug Qnexa by a final 10-6 vote on concerns about the drug's long-term safety. The average daily share volume for Vivus is 6.62 million.On the other hand, Arena Pharmaceuticals shares were rallying in Friday's premarket session, climbing 14.3% to $4.48. TheStreet's Adam Feuerstein writes that Arena already has two-year safety data on its own weight-loss drug lorcaserin that has not yet raised any alarm bells. An FDA advisory panel will meet on Sept. 16 to review lorcaserin, with an FDA approval decision date of Oct. 22. Analysts have the same view. On Friday, JPMorgan cut Vivus to neutral from overweight while the firm upgraded Arena to overweight from neutral. Needham & Co., Brean Murray and Jefferies analysts also downgraded shares of Vivus Friday on the FDA panel's decision. Riverview Bancorp (RVSB) rallied by 28 cents, or 12.1%, to $2.63 late Thursday after the company reported first-quarter net income of 16 cents a share, rising sharply from a year-ago profit of 3 cents a share. The bank said it saw improvements in net interest margin, deposit growth, capital levels and credit metrics during the quarter. The average daily share volume for Riverview is 7,000. SandRidge Energy (SD) climbed by 42 cents, or 6.5%, to $6.89 in the premarket session after the natural gas and oil company said it will sell certain deep acreage rights in Oklahoma to an independent oil and gas company for $140 million in cash. SandRidge, which is merging with Arena Resources (ARD), said the transaction should close in the third quarter. The average daily share volume for SandRidge Energy is 6.54 million. Tongxin International (TXIC) sank by 22 cents, or 4.7%, to $4.49 in Thursday's late trading session after the company said in an update to shareholders that it will miss the filing deadline for its 2009 audit. The company previously asked for an extension of the 20-F deadline on July 1. Tongxin said that it is determining the appropriate accounting treatment of certain related-party transactions of approximately $7.7 million. The company did say it expects to report full-year 2009 revenues of $121.6 million, which would below the consensus target of $122.1 million. The average daily share volume for Tongxin is 80,000. -- Written by Robert Holmes in Boston. Check out all of Friday'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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