BOSTON ( TheStreet) -- Macatawa Bank (MCBC - Get Report) was one of several stocks trading below $5 poised to move on above-average volume Friday after the company reported a surprise second-quarter profit.
Macatawa Bank said late Thursday it had earnings of 10 cents a share in the second-quarter, swinging from a year-ago loss of $1.82 a share. Macatawa also said net interest margin improved for the sixth consecutive quarter, rising to 3.29% from 3.22% in the first quarter of 2010 and 2.79% in the second quarter 2009.
Shares of Macatawa Bank surged by 81 cents, or 52.6%, to $2.35 in Thursday's after-market session. The average daily share volume for Macatawa Bank is 52,000.
Elsewhere, Microtune (TUNE) shares jumped by 24 cents, or 10.3%, to $2.58 in the premarket session after the tune and amplifier maker notched a second-quarter profit of 3 cents a share on sales of $24.3 million, topping the Thomson Reuters average estimate for a profit of a penny a share on revenue of $24 million.Looking ahead to the third quarter, Microtune said it expects revenue of $25.5 million to $26.5 million, above the consensus target of $23.8 million. The average daily share volume for Microtune is 200,000. Orexigen Therapeutics (OREX - Get Report) climbed 30 cents, or 6.3%, to $5.05 in the premarket session after the company said results from a trial showed that patients taking its Contrave obesity drug were two to three times more likely to lose at least 5% or 10% of their body weight compared to those taking a placebo. The average daily share volume for Orexigen is 1.69 million. TranSwitch (TXCC - Get Report) rallied by 34 cents, or 15.2%, to $2.54 in Thursday's late trading session after the semiconductor company surprised posted adjusted net income of $1.5 million, or 7 cents a share, in the second quarter. That compares to a non-GAAP loss of a penny a share in the first quarter of 2010 and a loss of 3 cents a share in the year-ago quarter. Including expenses related to amortization of purchase price intangibles and stock-based compensation, TranSwitch had a profit of 2 cents a share, swinging from a year-ago loss of 7 cents a share.The average daily share volume for TranSwitch is 37,000. On the downside, WPCS International (WPCS) dropped by 25 cents, or 9.3%, to $2.45 in Thursday's after-market session after the engineering services company said its fourth-quarter profit fell to 2 cents a share from 4 cents a share in the year-ago quarter. Revenue slipped 1% to $105.8 million, the company said. The average daily share volume for WPCS International is 12,000. LodgeNet Interactive (LNET) shares fell by 30 cents, or 6.8%, to $4.10 in late trading Thursday after the hospitality media solutions company said it had a second-quarter loss of 18 cents a share, matching the Thomson Reuters average estimate. For the third quarter, LodgeNet expects revenue of $116 million to $120 million, in line with consensus estimates. The average daily share volume for LodgeNet is 319,000. -- Written by Robert Holmes in Boston. Check out all of the week'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.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.