SenoRx, Javelin: Early Volume Plays

NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Friday's session.

SenoRx ( SENO) surged by $1.69, or 33.4%, to $6.75 in the premarket session after the company was found not liable for patent infringement. Hologic ( HOLX) had brought the lawsuit against SenoRx, alleging that it infringed claims of Hologic's 6,413,204 and 6,482,142 patents. The 50-day average daily volume for SenoRx is 39,000 shares, according to the Nasdaq.

Javelin Pharmaceuticals ( JAV) jumped by 20 cents, or 16.3%, to $1.43 in the premarket session after Myriad Pharmaceuticals ( MYRX) said it will acquire all outstanding shares of Javelin common stock in exchange for Myriad Pharmaceuticals stock, resulting in the Javelin stockholders owning approximately 41% of the combined company immediately after the closing. The three-month average daily volume for Javelin is 342,000, according to Yahoo! Finance.

Zale ( ZLC) slumped by 21 cents, or 8.3%, to $2.32 in the premarket session after The Wall Street Journal reported that the company cancelled some orders with suppliers as it continues to struggle with mounting debt and declining sales. Zale refused to accept tens of million of dollars of inventory at the end of November and is stretching payments, according to diamond suppliers familiar with the matter, the paper said. The three-month average daily volume for Zale is 765,000.

E*Trade Financial ( ETFC) rose by 6 cents, or 3.7%, to $1.67 in the premarket session after an analyst at Bank of America/Merrill Lynch has resumed coverage on the stock with a buy rating. The 50-day average daily volume for E*Trade is 55.2 million.

Alliance Imaging ( AIQ) tumbled by 61 cents, or 10.1%, to $5.45 in the premarket session after the company said it expects full-year revenue of $470 million to $500 million in 2010, compared to the Thomson Reuters average estimate of $508.4 million. The three-month average daily volume for Alliance Imaging is 260,000.

( At 7:14 a.m. EST)

Cardiome Pharma ( CRME) jumped by 43 cents, or 10.8%, to $4.41 in the premarket session after the company said its investigational drug candidate vernakalant, used for the acute conversion of atrial fibrillation, met a primary endpoint in a Phase III European Comparator study. Cardiome said it will present the study at a conference in 2010. The 50-day average daily volume for Cardiome is 317,000 shares, according to the Nasdaq.

Somaxon Pharmaceuticals ( SOMX) rallied by 16 cents, or 16.1%, to $1.15 in the premarket session after the company said it is scheduled to meet with the Food and Drug Administration on Jan. 20, 2010 to discuss its New Drug Application (NDA) for Silenor (doxepin) as a treatment of insomnia. The 50-day average daily volume for Somaxon is 1.96 million.

Smart Modular Technologies ( SMOD) gained 59 cents, or 12.2%, to $5.42 in the premarket session after the company posted a fiscal first-quarter profit of 7 cents a share, beating the Thomson Reuters average estimate by 2 cents. Revenue of $123.1 million was also above consensus targets. Smart Modular also offered earnings and revenue guidance for its fiscal second quarter that is above the Street's view. The 50-day average daily volume for Smart Modular is 501,000.

Regions Financial ( RF) tacked on 5 cents, or nearly 1%, to $5.38 in the premarket session after the bank elected Grayson Hall to serve as chief executive officer after Dowd Ritter retires on March 31, 2010. Hall is currently Regions' president and chief operating officer, and he will retain the title of president and will continue to serve on the bank's board. The three-month average daily volume for Regions is 33.59 million shares, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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