BOSTON (TheStreet) -- Skilled Healthcare Group (SKH) was one of several stocks trading below $5 moving on above-average volume Monday with shares rallying after the company filed a motion for a mistrial of a $677 million verdict.
Skilled Healthcare Group
on Friday filed a motion for a mistrial or a new trial following a July verdict that ordered the company to pay $677 million to patients as damages for not providing sufficient nursing care. The company cited "the loss of our right to a fair and impartial jury" as reason for the motion filing.
"I was astonished by the evidence we learned about this juror's concealed bias and apparent pernicious conduct that ultimately resulted in an egregious verdict," Skilled Healthcare Chairman and CEO Boyd Hendrickson said in a statement. "We take patient care very seriously and firmly believe that these skilled nursing companies are adequately and appropriately staffed."
Skilled Healthcare and plaintiffs in the case agreed in July to put proceedings on hold until Aug. 9 to pursue settlement talks. The stay on proceeds will not be extended, but the company said it is continuing with settlement talks. Research firm Jefferies upgraded the stock to buy on the announcement, arguing that evidence in support of the motion reveals blatant bias by one juror.
Shares of Skilled Healthcare Group rallied by 89 cents, or 35.7%, to $3.38. Volume topped 1.59 million shares, compared to the average daily share volume of 1.44 million.
( RMX) jumped by 28 cents, or 16.3%, to $2 after the company declared a special cash dividend of $1.32 per share of common stock payable on Aug. 23 to shareholders of record on Aug. 16.
The company, formerly known as Ready Mix, provided ready-mix concrete products to the construction industry but has no active business operations after selling substantially all of its assets earlier this year. Volume topped 37,000 shares, compared to the average daily share volume of 5,000.
TravelCenters of America
rose by 68 cents, or 25.9%, to $3.32 after the company reported second-quarter earnings of 7 cents a share on revenue of $1.5 billion, compared to the lone analyst target that forecasted a loss of 82 cents a share and revenue of $1.4 billion. Volume topped 500,000 shares, compared to the average daily share volume of 91,000.
( JADE) climbed by 25 cents, or 8.5%, to $3.20 after the jewelry company said it had second-quarter earnings of 9 cents a share, up from a year-ago profit of a penny a share. Revenue rose 47% year-over-year to $33 million, the company said.
Looking ahead to the third quarter, LJ International said it expects revenue to climb more than 30% to $34 million. Volume topped 444,000 shares, compared to the average daily share volume of 100,000.
On the downside,
shares fell by 39 cents, or 13.7%, to $2.46 after the company reported a second-quarter loss of 9 cents a share and said revenue fell 30% from a year ago to $36.6 million, coming in below the consensus target of $40.1 million.
Looking ahead, Broadwind said it expects full-year revenue of $140 million to $160 million, below the average estimate of $205.8 million. Volume topped 637,000 shares, compared to the average daily share volume of 1.59 million.
-- Written by Robert Holmes in Boston
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