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ICOP Digital, inTEST: Volume Movers

BOSTON ( TheStreet) -- ICOP Digital (ICOP) was one of several stocks trading below $5 and poised to move on above-average volume Thursday after the digital surveillance technology company posted second-quarter financial results.

ICOP Digital retraced some of its recent surged after the company said it had a second-quarter net loss of $1.14 million, or 48 cents a share, compared with a year-ago net loss of $1.39 million, or $1.44 a share. The difference in the per-share loss is due to a larger number of outstanding shares than in the year-ago quarter. Gross margin fell to 42.8% from 53.3% in the same period in 2009, primarily due to currency risk, ICOP Digital said.

The earnings release came shortly after ICOP Digital said it has been selected by the U.S. Department of Homeland Security to outfit more than 100 vehicles with its in-car video systems. The order includes recording of mobile video/audio, wireless uploading, and live streaming video capability. Due to the security nature of the project, ICOP agreed not to release details of the project until the Department of Homeland Security issues its own press release.

After rallying 168% during Wednesday's session, shares of ICOP Digital fell by 37 cents, or 12.2%, to $2.66 in the premarket session. The average daily share volume for ICOP Digital is 235,000.

Elsewhere, inTEST (INTT - Get Report) jumped by 16 cents, or 5.3%, to $3.16 in Wednesday's late trading session after the semiconductor products maker reported a second-quarter profit of 31 cents a share, compared with a year-ago profit of 11 cents a share. inTEST said third-quarter revenue and net income should fall between levels achieved in first two quarters of 2010 due to reduced bookings in the second quarter. The average daily share volume for inTEST is 209,000.

Somaxon Pharmaceuticals (SOMX) fell by 13 cents, or 3.2%, to $3.89 in Wednesday's after-market session after the company reported a second-quarter loss of 16 cents a share, compared to the two-analyst estimate for a loss of 11 cents a share. The average daily share volume for Somaxon is 2.33 million.

CardioNet (BEAT - Get Report) may see increased volume after the mobile cardiac outpatient monitoring company said the U.S. District Court for the Eastern District of Pennsylvania granted the Company's motion to dismiss the securities class action litigation filed in August 2009 against the company and certain of its former officers. The average daily share volume for CardioNet is 394,000.

The complaint charged CardioNet and some of its former officers and directors with making positive statements about the company's revenue and earnings while either "knowingly or recklessly" disregarding that the reimbursement rate for CardioNet's mobile cardiac outpatient telemetry (MCOT) system was likely to be reduced by commercial providers.

-- 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.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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