Midday Movers: Pump Up the Volume

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

Synovus Financial ( SNV) dropped by 74 cents, or 20.8%, to $2.83 after the company late Thursday posted a loss of $437.7 million, or $1.27 a share, swelling from a year ago and nearly doubling the loss analysts expected. Volume topped 43.8 million shares, compared to the three-month average daily volume of 13.3 million, according to Yahoo! Finance.

Elan ( ELN) tumbled by $1, or 15.5%, to $5.44 after reports that European regulators are investigating reports of 23 cases of Tysabri patients with a potentially fatal brain infection. Tysabri is a multiple sclerosis drug developed by Elan and partner Biogen Idec ( BIIB). Volume topped 32.6 million shares, compared to the three-month average daily volume of 2.7 million, according to Yahoo! Finance.

Grubb & Ellis ( GBE) rose by 24 cents, or 16%, to $1.74 after the company said it would sell 900,000 shares of convertible preferred stock for $90 million in gross proceeds in order to boost capital levels. Some investors posting on Internet message boards said the announcement effectively means massive dilution to save the company. Volume topped 2.2 million shares, compared to the three-month average daily volume of 867,000, according to Yahoo! Finance.

Columbia Laboratories ( CBRX) slumped by 25 cents, or nearly 20%, to $1.02 after the company said it will sell 10.9 million shares of common stock and warrants to purchase 5,450,000 shares of its common stock in a registered direct offering. The transaction will raise approximately $11.7 million, the company said. Each unit will be sold at a negotiated price of $1.08 per unit. Volume topped 2 million shares, compared to the 50-day average daily volume of 182,000, according to the Nasdaq.

Dynavax Technologies ( DVAX) lost 31 cents, or 18.6%, to $1.36 after the company late Thursday said it had third-quarter earnings net loss of $9.5 million, or 24 cents a share, swelling from a year-ago loss. Analysts had forecasted a loss of 16 cents a share, according to Thomson Reuters. Revenue plummeted 67.4% from a year ago to $2.9 million, well below estimates. Volume topped 1.9 million shares, compared to the 50-day average daily volume of 1.4 million, according to the Nasdaq.

Ramtron International ( RMTR) plummeted by 51 cents, or 20%, to $2.04 after the company late Thursday reported third-quarter earnings of $131,000, or a penny a share, falling from year-ago levels. Revenue fell 33% from last year to $11.6 million. Volume topped 348,000 shares, compared to the 50-day average daily volume of 99,000, according to the Nasdaq.

Sterling Financial ( STSA) gave back 25 cents, or 22.3%, to 87 cents after the company late Thursday reported a third-quarter loss of $463.7 million, or $8.93 a share, compared with year-ago earnings of $5 million, or 10 cents a share. Sterling said the loss reflects a provision of $195.5 million to increase the allowance for loan losses. Volume topped 3.8 million shares, compared to the 50-day average daily volume of 1.1 million, according to the Nasdaq.

-- Written by Robert Holmes in New York.

Check out all of Friday's high-volume, under-$5 stocks at the Dollar Store

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever