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) 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) 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.
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