Kona Grill ( KONA) owns and operates 24 upscale casual dining restaurants in 15 states, in the United States. This stock is trading up 6.3% at $7.16 in recent trading. Today's Range: $7.07-$7.69 52-Week Range: $3.97-$7.90 Volume: 326,000 Three-Month Average Volume: 78,842 Shares of KONA are soaring higher today after the company reported it swing to a first quarter net income of 13 cents per share versus a net loss of 1 cent per share in the same period a year ago. Revenue was $24.2 million, up from $22.2 million in the same quarter last year. >>Stocks Hitting 52-Week Highs From a technical perspective, KONA is gapping sharply higher here as the stock flirts with breaking out above some near-term overhead resistance at $7.30 to $7.90 with heavy volume. At last check, KONA has hit an intraday high of $7.69 on volume that's well above its three-month average action of 78,842 shares. Traders should now look for long-biased trades if KONA can manage to sustain a high-volume move or close above $7.30 to $7.90. If we get that action soon, then look for KONA to hit $10 in the near future. I would avoid any long trades in KNOA if it fails to trigger that breakout, and then moves back below today's low of $7.07 with strong volume.
Central European Distribution (Nasdaq:CEDC) hit a new 52-week low Thursday as it is currently trading at $2.73, below its previous 52-week low of $2.75 with 347,910 shares traded as of 11 a.m. ET. Average volume has been 915,600 shares over the past 30 days.