Sonus Networks, Inc. (NASDAQ: SONS) rose handily last night and this morning we have shares higher with a pre-market volume spike. The news was that the infrastructure equipment and software maker for wireline and wireless telephone service providers crushed earnings estimates. Last night in teh after-hours session we saw shares up almost 30% at $3.92 on more than 2.5 million shares after the 4PM close.
This morning as early as 7:40 AM EST we have shares up around $3.80 on more than 30,000 shares. The average volume here is about 2.6 million shares. The 52-week trading range is $2.12 to $3.75, so today is likely to also mark a 52-week high.
The takeaway from last night and this morning is a simple one. Look for an exponential volume move today. The low share price will attract many new investors looking for that extra juice from low-priced stocks. The magnitude of the beat is going to likely drive very active stock trading today for what was a market cap of $837 million.
JON C. OGG