CKX, DJSP Enterprises: Midday Volume Plays

Several stocks trading near $5, including CKX, were moving on above-average volume Friday.
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NEW YORK (

TheStreet

) --

CKX

(CKXE)

was one of several stocks trading near $5 moving on above-average volume Friday after confirming it had received a buyout offer.

CKX

confirmed reports that the company has received an acquisition proposal from

American Idol

creator Simon Fuller and a former

Barclays Capital

executive, who reportedly bid $600 million to acquire the entertainment group.

CKX jumped by 97 cents, or 22.5%, to $5.29. Volume topped 809,000 shares, compared to the 50-day average daily volume of 330,000, according to the

Nasdaq

.

On the other hand,

DJSP Enterprises

(DJSP)

plunged by $2.59, or 29.2%, to $6.28 after the real-estate foreclosure services company posted weaker-than-expected first-quarter results and warned investors of a full-year earnings shortfall.

DJSP said it had a first-quarter adjusted profit of 35 cents a share, which was a nickel below the Thomson Reuters average estimate. DJSP said that in April one of its largest bank clients initiated a foreclosure system conversion that cut the number of foreclosures.

Because of the foreclosure system conversion and the U.S. government's steps to prevent foreclosures, DJSP said it expects full-year earnings of $1.29 to $1.36 a share, which is below consensus. Volume topped 3.13 million shares, compared to the 50-day average daily volume of 190,000.

Xinyuan Real Estate

(XIN) - Get Report

jumped by 30 cents, or 10.6%, to $3.14 after Rodman & Renshaw initiated coverage of the company with a market outperform rating and $7 price target. Volume topped 953,000 shares, compared to the three-month average daily volume of 325,000, according to Yahoo! Finance.

Ener1

(HEV)

rallied by 35 cents, or 10.9%, to $3.55 after the company said it has formed a joint venture with

Wanxiang

, the largest auto parts supplier to the Chinese car industry. The joint venture will begin producing battery systems in 2010 for Wanxiang's existing backlog of customers in China. Volume topped 2.51 million shares, compared to the three-month average daily volume of 648,000.

-- Written by Robert Holmes in Boston

.

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