Sirius XM, ARCA biopharma: Early Volume Plays
NEW YORK (
) -- Several stocks trading near $5 were poised to move on above-average volume during Friday's session.
Sirius XM
(SIRI) - Get Report
rose by a penny, or 1.4%, to 88 cents after the
Nasdaq
scheduled a hearing on April 29 for the satellite radio company to make its case for continued listing on the exchange. Sirius XM is currently not in compliance with the minimum $1 share bid price requirement. On Thursday, Lazard Capital analyst Barton Crockett reiterated his buy rating and $1.35 price target on shares. The 50-day average daily volume for Sirius XM is 116.5 million, according to the Nasdaq. More than 219 million shares changed hands Thursday.
ARCA biopharma
(ABIO) - Get Report
surged by $1.70, or 64.3%, to $4.36 at the start of trading after the company said that the U.S. Patent and Trademark Office has issued the company a patent on methods of treating heart failure patients with bucindolol based on genetic testing. The 50-day average daily volume for ARCA is 19,000.
American Apparel
(APP)
dropped by 56 cents, or 14.6%, to $3.28 in early trading after the retailer said it is not providing guidance for 2010 until it reports first-quarter earnings in May. American Apparel said it expects to report a decline in comparable store sales of approximately 10% for the first quarter. The announcement came as American Apparel posted a fourth-quarter profit of 4 cents a share, matching the average analyst target. The three-month average daily volume for American Apparel is 214,000, according to Yahoo! Finance.
Lexington Realty Trust
(LXP) - Get Report
slid by 28 cents, or 4.1%, to $6.62 after the company priced an offering of 9.5 million shares for approximately $61.5 million of net proceeds. The three-month average daily volume for Lexington Realty Trust is 1.23 million.
-- Written by Robert Holmes in Boston
.
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