BOSTON ( TheStreet) -- Microvision (MVIS - Get Report) was one of several stocks trading below $5 and moving on above-average volume Wednesday on market rumors its projector technology will be utilized in the next Apple (AAPL - Get Report) iPod refresh.
Microvision shares have rallied sharply after traders noted rumors that Apple will use Microvision's PicoP laser projector in the next generation of the iPod MP3 player. Apple will hold a media event later Wednesday, where it is widely expected to unveil updated offerings in the iPod family of products.
TheStreet will be live blogging Apple's media event beginning at 12:45 p.m. ET Wednesday.
Shares of Microvision jumped by 33 cents, or 12.6%, to $2.93, extending its two-day rally to 22.6%. Volume topped 1.12 million shares, compared to the average daily share volume of 503,000.Elsewhere, Quicksilver (ZQK - Get Report) rose by 34 cents, or 9.5%, to $3.93 ahead of the retailer's fiscal third-quarter financial results, due to be released Thursday. Quicksilver should report a profit of 4 cents a share and revenue of $443.7 million, according to a survey of analysts by Thomson Reuters. Volume topped 241,000 shares, compared to the average daily share volume of 1.1 million. On the downside, K-Sea Transportation Partners (KSP) dropped by 30 cents, or 6.7%, to $4.15, bringing its three-day slide to nearly 20%. On Tuesday, K-Sea postponed its fiscal fourth-quarter earnings conference call as the tugboat and barge fleet operator worked with its lenders to extend a waiver period that expired Tuesday. K-Sea said it was also working with lenders to amend the financial covenants of a revolving credit facility, which may include a convertible preferred equity investment of at least $85 million. K-Sea said it would hold a conference call to discuss the amendments and fourth-quarter results "as soon as possible," but did not provide a specific date. Volume topped 164,000 shares, compared to the average daily share volume of 75,000. Charming Shoppes (CHRS) slumped by 37 cents, or 16.2%, to $2.65 after the apparel retailer notched a second-quarter loss of 7 cents a share on $517.6 million in sales. The Thomson Reuters consensus of two analyst estimates was for a profit of 6 cents a share. Charming Shoppes said its gross margin fell to 48.1% from 50% in the year-ago quarter, mostly due to increased promotions, higher costs with clearing seasonal merchandise, and higher markdowns. Volume topped 731,000 shares, compared to the average daily share volume of 626,000. -- Written by Robert Holmes in Boston.
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