Popular, Jackson Hewitt: Midday Volume Plays

Several stocks trading near $5 were moving on above-average volume during Monday's session.
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NEW YORK (

TheStreet

) --

Popular

(BPOP) - Get Report

was among several stocks trading near $5 were moving on above-average volume Monday after a subsidiary acquired the assets and deposits of a bank failure in Puerto Rico.

Popular

fell after its subsidiary

Banco Popular de Puerto Rico

assumed $11.9 billion in total assets from failed bank

Westernbank Puerto Rico

, which was a subsidiary of

W. Holding

(WHI)

. The Federal Deposit Insurance Corp. agreed to share in losses on $8.8 billion and estimated $3.31 billion in costs to its insurance fund.

Popular was down 18 cents, or 4.6%, to $3.77. Volume topped 29.23 million shares, compared to the 50-day average daily volume of 27.14 million, according to the

Nasdaq

.

Meanwhile, Pacific Capital Bancorp (PCBC) continued to plummet, falling by 35 cents, or 20%, to $1.39, bringing its three-day loss to more than 65%. Volume topped 4.62 million shares in the first hour of trading, compared to the 50-day average daily volume of 3.59 million.

On Thursday,

Pacific Capital Bancorp

said it will receive $500 million from the sale of 225 million shares to private-equity firm Ford Financial Fund at a price of 20 cents per share. Pacific Capital will also sell 455,000 shares of newly created preferred stock to Ford Financial at $1,000 per share.

After the transactions, Ford will own approximately 91% of Pacific Capital's common stock on an as-converted basis.

On the other hand,

Pozen

(POZN)

traded higher after the Food and Drug Administration approved its osteoarthritis drug Vimovo, which will be marketed by

AstraZeneca

(AZN) - Get Report

.

Pozen

jumped by 37 cents, or 16.2%, to $2.65. Volume topped 6.59 million shares, compared to the 50-day average daily volume of 591,000.

Raptor Pharmaceuticals

(RPTP)

surged by 77 cents, or 31.4%, to $3.22 after the company said a Phase 2a study showed its experimental drug to treat patients with a progressive form of liver disease reduced the level of specific liver enzymes by 50%. Volume topped 1.65 million shares, compared to the 50-day average daily volume of 93,000.

Jackson Hewitt Tax Service

(JTX)

rallied by 67 cents, or 39.9%, to $2.35 after the tax preparer said it has amended its credit agreement with lenders to ensure its off-season operations are fully funded.

Jackson Hewitt

also said it is laying off 15% of its workforce, which will result in a pre-tax severance charge of approximately $1 million in the fourth quarter but will enable the company to realize a pre-tax expense savings of approximately $5 million in the 2011 fiscal year.

Jackson Hewitt volume topped 4.53 million shares, compared to the three-month average daily volume of 1.63 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston

.

Check out all of Monday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr.

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