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

Key Tronic ( KTCC) 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) 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) 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) 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.

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

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

If you liked this article you might like

Paradigm Opportunity Protects Investors in Tough Times

5 Things You Need to Know Before the Stock Market Opens (Correct)

U.S. Investors Brace for a Third Bailout in Greece

5 Things You Need to Know Before the Stock Market Opens

40 Hedge Funds' Best Stocks Show the Way for 2012 (Update 1)