NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Tuesday's session.

China Direct Industries ( CDII) jumped by 40 cents, or 18.6%, to $2.54 after the company said it expects to begin delivery of approximately $9.4 million in pure magnesium and magnesium related products in its second fiscal quarter and throughout calendar 2010 on several contracts. Volume topped 6.99 million shares, compared to the 50-day average daily volume of 743,000, according to the Nasdaq.

Spectrum Pharmaceuticals ( SPPI - Get Report) rallied by 54 cents, or 11.7%, to $5.15 after the company announced the completion of enrollment in two Phase III clinical trials for its apaziquone drug to treat non-muscle invasive bladder cancer. The announcement triggers a $1.5 million milestone payment from Allergan ( AGN). Following the announcement, Morgan Joseph analyst upgraded the stock to buy from hold. Volume topped 2.65 million shares, compared to the 50-day average daily volume of 1.07 million.

Pacific Ethanol ( PEIX - Get Report) continued to rally, rising 16 cents, or 7.1%, to $2.43. Last week, the stock surged more than 70% after the company said it resumed production at an Idaho ethanol plant that had been shuttered in February 2009. Volume topped 15.39 million shares, compared to the 50-day average daily volume of 2.35 million.

ATS Medical ( ATSI) tumbled by 55 cents, or 17%, to $2.69 after the heart valve maker said it expects to report a fourth-quarter and full-year loss due to disappointing sales, compared to the company's previous outlook that it would be profitable in both the fourth quarter and full year. Volume topped 1.28 million shares, compared to the 50-day average daily volume of 316,000.

MetroPCS ( PCS) slid by 68 cents, or 9.5%, to $6.51 after the company disappointed with subscriber totals for the fourth quarter. The wireless company said it added 317,000 subscribers in the fourth quarter, down roughly 39% from its net subscriber additions in the year-ago quarter. Volume topped 11.18 million shares, compared to the three-month average daily volume of 8.63 million, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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