BOSTON (TheStreet) -- Immersion (IMMR) was one of several stocks trading below $10 poised to move on above-average volume Friday after the haptic technologies company reported quarterly financial results.
Immersion shares were on the rise after the company reported a second-quarter profit of a penny a share on revenue of $8.5 million, surprising analysts who had forecasted a loss of 7 cents a share and revenue of $6.5 million.
Shares of Immersion jumped by 45 cents, or 8%, to $6.05 in Thursday's after-hours session. The average daily share volume for Immersion is 103,000.
Elsewhere, La-Z-Boy (LZB) shares dropped by 94 cents, or 11%, to $7.58 in Thursday's late trading session after the furniture company's CEO Kurt Darrow said he expects relatively flat to slightly increased sales for the first quarter of fiscal 2011 and earnings per share in a break-even range. Analysts were expecting the company to report earnings of 11 cents a share, according to a Thomson Reuters poll of analysts.Darrow blamed the weak guidance for the first quarter on a number of factors, including higher raw material costs, supply chain disruptions and delays, the impact on shipping from Mexico by Hurricane Alex. "We were required to move approximately $10 million of orders from production in July into August," Darrow said in a statement. The average daily share volume for La-Z-Boy is 959,000. Alphatec Holdings (ATEC) shares fell by 38 cents, or 8.6%, to $4.04 in the premarket session after the medical technology company said it broke even in the second quarter on a per-share basis, coming in a penny below the average analyst estimate. Second-quarter revenue of $45.4 million was below the consensus of $53.1 million. Following the earnings announcement, analysts at both RBC Capital and Canaccord Genuity downgraded Alphatec. The average daily share volume for Alphatec is 361,000. Local.com (LOCM) continued to face pressure after Web site TheStreetSweeper.org posted a bearish article criticizing Local.com's CFO Brenda Agius and her "acquisition-fueled growth strategy." In addition, the article notes the number of corporate insiders selling stock, including Local.com CEO Heath Clarke. In response, Local.com said Thursday that its board of directors has authorized a stock repurchase program of up to $2 million of its outstanding common stock. "We believe that the recent speculation surrounding the company is without merit and fails to reflect our fundamental operational and financial performance over the past six quarters," Clarke said in a statement. Still, Local.com shares have dropped by 24% over the last three trading sessions, and the stock was down another 6.7% to $4.44 in the premarket session. The average daily share volume for Local.com is 408,000. Energy Recovery (ERII) shares slumped by 22 cents, or 5.4%, to $3.89 in Thursday's after-market session after the high-efficiency energy recovery devices maker said it broke even in the second quarter on an adjusted basis, matching analysts' estimates. Looking ahead, Energy Recovery said it expects to see full-year earnings fall in a range of break even to 3 cents a share on revenue of $52 million to $58 million. Analysts expect full-year earnings of 3 cents a share on revenue of $58.2 million. The average daily share volume for Energy Recovery is 464,000. -- 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 + 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