China Direct, Ironwood: Volume Movers
BOSTON (TheStreet) -- China Direct Industries (CDII) was one of several stocks trading below $10 poised to move on above-average volume Tuesday after the company received a contract that could generate more than $70 million in revenue.
China Direct said late Monday that its CDI Beijing International Trading subsidiary has received a contract from Beijing Tianrun Construction. The contract, which could generate over $70 million in revenue over the next 12 months, calls for the delivery of various types of reinforcing steel bars.
Shares of China Direct Industries rallied by 25 cents, or 24.3%, to $1.28 in the premarket session. The average daily share volume for China Direct is 242,000.
Elsewhere, Ironwood Pharmaceuticals (IRWD) surged by $2.01, or 20.6%, to $11.75 in the premarket session after the company and Forest Laboratories (FRX) announced positive results from Phase 3 trial for its investigational drug linaclotide in patients with irritable bowel syndrome with constipation. The average daily share volume for Ironwood is 306,000.
On the downside, Icagen (ICGN) slumped by 6 cents, or 26.1%, to 17 cents in the premarket session after the biopharmaceutical company said it has suspended further enrollment in a photosensitivity study for its epilepsy drug ICA-105665 due to a "serious adverse event." The average daily share volume for Icagen is 223,000. Level 3 Communications (LVLT) dropped by 9 cents, or 7.8%, to $1.07 in the premarket session after the communications company said late Monday it is offering $175 million in convertible senior notes due 2016. The average daily share volume for Level 3 is 8.65 million. Wabash National (WNC) fell by 49 cents, or 6.6%, to $6.90 in the premarket session after the truck trailers company priced a public offering of nearly 9.35 million shares of common stock by selling stockholder Trailer Investments at $6.75 per share. Wabash shares closed Monday at $7.39. The average daily share volume for Wabash is 1.18 million. -- Written by Robert Holmes in Boston.>To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: tips@thestreet.com.
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