(

Updated to reflect average daily volume for stocks mentioned, corrects Sify earnings

.)

NEW YORK (

TheStreet

) -- Several stocks trading near $5 were poised to move on above-average volume during Wednesday's session.

Sirius XM

(SIRI) - Get Sirius XM Holdings, Inc. Report

added one cent, or 1.5%, to 71 cents in the premarket session after Wunderlich Securities initiated coverage of the stock with a buy rating and a stock price target of $1, citing the company's fourth-quarter subscriber gains. On Tuesday, Lazard Capital Markets also initiated coverage of

Sirius XM

with a buy rating and a $1 price target. Separately, a fund manager told

TheStreet.com

that he expects

Sirius XM

to increase earnings in 2011. The 50-day average daily volume for Sirius XM is 23 million, according to the

Nasdaq

.

Sify Technologies

(SIFY) - Get Sify Technologies Limited Sponsored ADR Report

jumped by 40 cents, or 23.4%, to $2.11 in the premarket session after the India-based Internet services company reported a fiscal third-quarter profit of $9.46 million, reversing a net loss of $5.54 million in the year-ago quarter, while revenue rose 18% from a year ago to $39.19 million. The 50-day average daily volume for Sify is 56,000 shares.

Hercules Offshore

(HERO)

dropped by 57 cents, or 12.3%, to $4.05 in the premarket session after the company said it anticipates an operating loss of $43 million to $48 million in the fourth quarter, on revenue of $173 million to $178 million. In addition, Hercules said results will include a non-cash charge of approximately $7.3 million related to a rig that remains under contract with an amount owed to the company that is undisputed by the customer. The 50-day average daily volume for Hercules Offshore is 2.78 million.

Emcore

(EMKR) - Get EMCORE Corporation Report

rallied by 10 cents, or 10%, to $1.10 in the premarket session after the semiconductor company awarded a contract valued in the range of $9 million to $11 million by ATK Space Systems to manufacture, test, and deliver solar panels. The 50-day average daily volume for Emcore is 838,000 shares.

(

TheStreet Recommends

Earlier at 7:29 a.m. EST

.)

Key Tronic

(KTCC) - Get Key Tronic Corporation Report

shares were set to rally more than 20% after the company reported fiscal second-quarter earnings of 17 cents a share on revenue of $44.8 million, compared to year-ago earnings of a penny a share on revenue of $47 million. Looking ahead, Key Tronic expects both sequential and year-over-year growth in the fiscal third quarter, and continued sequential growth in the fiscal fourth quarter. The 50-day average daily volume for Key Tronic is 44,000 shares, according to the

Nasdaq

. The stock closed Tuesday at $3.95.

Callon Petroleum

(CPE) - Get Callon Petroleum Company Report

should open sharply higher after the company late Tuesday announced that it has received $44.7 million from the U.S. Department of the Interior's Minerals Management Service to reimburse the company for the overpayment of royalties at its Medusa Field in the Deepwater Region of the Gulf of Mexico. The three-month average daily volume for Callon is 277,000, according to Yahoo! Finance. Callon shares finished trading Tuesday at $2.02.

Concurrent Computer

(CCUR)

shares were indicated to open higher after the computer services company posted fiscal second-quarter earnings of a penny a share, surprising analysts who had expected a loss of 13 cents a share. Revenue was down 17% from a year ago to $15 million but still exceeded consensus. The 50-day average daily volume for Concurrent Computer is 16,000 shares. Concurrent ended trading Tuesday at $3.89.

The South Financial Group

( TSFG) was set to drop at the open Wednesday after the company reported a fourth-quarter loss of 90 cents a share, compared to the Thomson Reuters average estimate for a loss of 47 cents a share. It was the eighth consecutive quarterly loss for the bank. The provision for loan losses jumped by 39% to $170.8 million, and the bank said credit costs will continue to be challenging. The 50-day average daily volume for the South Financial Group is 4.19 million. The stock closed at 69 cents.

Zagg

(ZAGG) - Get ZAGG Inc Report

shares should open lower after the hand-held device accessories manufacturer lowered its guidance for the full year. Zagg now expects 2009 earnings of 15 cents to 17 cents a share, down from its prior guidance of 22 cents a share, which the company attributes to lower margins. Full-year revenue should fall between $37 million to $38 million. The 50-day average daily volume for Zagg is 205,000. Shares finished trading Tuesday at $2.38.

First Busey

(BUSE) - Get First Busey Corporation Report

shares were indicated to trade lower after the financial holding company posted a fourth-quarter loss of 49 cents a share, worse than the Thomson Reuters average estimate for a loss of 10 cents a share. Revenue rose 11% from a year ago to $45.95 million, which beat the consensus estimate of $43.7 million. The 50-day average daily volume for is 273,000. The stock ended Tuesday at $3.59.

-- Written by Robert Holmes in Boston

.

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