Early Volume Plays: Palm, Crocs - TheStreet

Early Volume Plays: Palm, Crocs

A handful of stocks trading below $10 were poised to move on above-average volume during Friday's session.
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NEW YORK (

TheStreet

) -- A handful of stocks trading below $10 were poised to move on above-average volume during Friday's session.

Palm

(PALM)

has edged 0.6% higher to $6.60 after the

Wall Street Journal

published an internal memo by Palm's CEO Jon Rubinstein explaining its disappointing phone sales following its third quarter preliminary report and what will be done to fix this.

In the memo, Rubinstein said "I just returned from a very successful meeting with

Verizon

(VZ) - Get Report

Wireless, where they acknowledged that their execution of our launch was below expectations and recommitted to working with us to improve sales." He then went onto talk about how the company initiated "Project JumpStart" nearly three weeks ago, and early results from stores have already shown improvement in terms of products knowledge and sales. The 50-day average daily volume for Palm is 15.3 million.

Crocs

(CROX) - Get Report

, meanwhile, has tanked by 13.5% to $6.74 after reporting another loss, though this loss was narrower than the previous year. The company reported a net loss of $11.4 million, or 13 cents a share, compared with $34.7 million, or 42 cents a share the previous year. The Street consensus estimate for the quarter was a 13 cent loss.

Crocs said that it incurred a $0.6 million loss from foreign currency exchange rate fluctuations in the quarter and $3.6 million in impairment and restructuring charges, as well as net charitable contributions. Its net loss was 4 cents a share on a non-GAAP basis. The 50-day average daily volume for Crocs is 2.6 million.

DryShips

(DRYS) - Get Report

has fallen 3.2% to $5.50 in pre-market trading after posting earnings that fell short of analysts' expectations. The company reported adjusted earnings of 19 cents a share, versus the consensus expectation of 23 cents a share as the company weathered an economic recession, a liquidity crunch and weakness in its drilling business.

However, DryShipsexpects 2010 to be a much more active year for the drilling business. DryShips says with oil prices in the $70 to $80 range, most ultra deepwater projects are expected to be viable. The 50-day average daily volume for DryShips is 15.5 million.

-- Reported by Andrea Tse in New York

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