NEW YORK ( TheStreet) -- CSP ( CSPI) was among several stocks trading near $5 were moving on above-average volume Wednesday after the company posted quarterly results.

CSP said it had a second-quarter profit of 28 cents a share, up sharply from a year-ago profit of 6 cents a share. Sales rose 6.3% to $23.9 million. The company added that it was "cautiously optimistic as we enter the second half of fiscal 2010."

CSP shares were rallying 76 cents, or 21.8%, to $4.25. Volume topped 507,000 shares, compared to the 50-day average daily volume of 4,700, according to the Nasdaq.

Pacific Capital Bancorp ( PCBC) shares continue to rebound from last week's sharp selloff. On Thursday, Pacific Capital Bancorp said it will receive $500 million from the sale of 225 million shares to private-equity firm Ford Financial Fund at a price of 20 cents per share. Pacific Capital will also sell 455,000 shares of newly created preferred stock to Ford Financial at $1,000 per share.

Pacific Capital shares were rising 46 cents, or 27.4%, to $2.14, good for a three-day rally of 23.5%. Volume topped 10.08 million shares, compared to the 50-day average daily volume of 3.81 million.

Cray ( CRAY) slumped by 89 cents, or 13.3%, to $5.80 after the supercomputer manufacturer posted a first-quarter loss of 34 cents a share on sales of $28.4 million, compared with the Thomson Reuters average estimate for a loss of 22 cents a share on revenue of $41 million. Volume topped 482,000 shares, compared to the 50-day average daily volume of 241,000.

Conseco ( CNO) rose by 59 cents, or 10.2%, to $6.40 after the insurer reported first-quarter earnings of 14 cents a share, excluding net realized investment losses that amounted to a penny a share, compared to the Thomson Reuters average estimate of 13 cents a share. Volume topped 5.87 million shares, compared to the three-month average daily volume of 4.25 milliion, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

Check out all of Wednesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr.

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