Midday Movers: Pump Up the Volume

NEW YORK ( TheStreet) -- Several small-cap stocks were moving on above-average volume during Wednesday's session.

Speedus ( SPDE) surged by $1.27, or 31.4%, to $5.31 after the company said its Zargis Medical subsidiary has been cleared as a developer for Apple's ( AAPL) iPhone and has begun development of medical diagnostic support software and related peripherals for the device and other leading smartphones. Volume topped 954,000 shares, compared to the 50-day average daily volume of 190,000, according to the Nasdaq.

VeriChip ( CHIP) jumped by 69 cents, or 37.1%, to $2.55 after the company said it has entered into a strategic partnership with the Diabetes Research Institute to develop a glucose-sensing RFID microchip, which "could potentially improve patient care and compliance among individuals with diabetes," the DRI said in a statement. Volume topped 6.3 million shares, compared to the 50-day average daily volume of 1.3 million, according to the Nasdaq.

Canada's Oilsands Quest ( BQI) rose by 22 cents, or 17.5%, to $1.48 following comments from BP ( BP) CEO Tony Hayward, who said the oil giant may increase its drilling position in Canada. "We have a modest position in Canada's oil sands. We can see if we can make it even bigger over time," Hayward told an industry conference in London, according to Dow Jones. Volume topped 11.4 million shares, compared to the 50-day average daily volume of 2.8 million, according to the Nasdaq.

MannKind ( MNKD) climbed by 72 cents, or 14.2%, to $5.80 after boutique firm Griffon Securities initiated the stock with a buy rating and a price target of $26. The firm asserted that MannKind's Afresa inhalable treatment will change the way diabetes is treated. Volume topped 3.9 million shares, compared to the 50-day average daily volume of 1.8 million, according to the Nasdaq.

Glu Mobile ( GLUU) slumped by 17 cents, or 14.3%, to $1.02 in the absence of any company-specific news. Investors posting on Internet message boards speculated that an investment firm was unloading shares of the company, as more than 36% of shares outstanding are owned by institutions as of Sept. 25, according to Yahoo! Finance. Bullish traders argued that the decline in share price offered a great buying opportunity. Volume topped 930,000 shares, compared to the 50-day average daily volume of 380,000, according to the Nasdaq.

ClickSoftware Technologies ( CKSW) dropped by $1.70, or 22.1%, to $5.99 even after the company reported third-quarter adjusted earnings of 11 cents a share, topping the Thomson Reuters average estimate by three cents. The company also offered stronger-than-expected revenue guidance for the full-year. Some investors posting on Internet message boards said the stock's drop was a typical "buy the rumor, sell the news" reaction. Others were concerned with a decline in software license revenue from a year ago, even though the $5.4 million in licensing revenue for the third quarter was an improvement over the sequential quarter. Gross profit declined both year over year and sequentially, as well. Volume topped 3.2 million shares, compared to the 50-day average daily volume of 384,000, according to the Nasdaq.

-- Written by Robert Holmes in New York.

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