FNBN - FNB United Corp gapped up at the open this morning .07 after announcing before the market opened they will merge with Bank of Granite Corp. The pre-market news release also announced the Carlyle Group and Oak Hill Capital will invest $155 million in FNB United Corp. Penny stock traders responded favorably to the news, massing buy orders before the market opened resulting in the gap up. Traders continued to push the stock up and so far FNBN has traded as high as .46, up .21 from the previous close.
FNBN has experienced a steady decline over the last year from the 52 week high of 2.25 to the low of .20 which was reached in the last few trading sessions. The three month daily trading average is 22,235 with today's volume at 925,799 going into the closing bell, a significant increase in trader interest. Traders should keep FNBN on their radar as there should be substantial activity in FNBN as a result of this morning's news.