TM Editors' Note: This article discusses one or more penny stocks and/or microcaps. Such stocks are easily manipulated; do your own careful due diligence.

For a second consecutive day, small cap stocks top the list of major market movers.These include:

Evoke Pharma, Inc (EVOK) has gotten a gust of bullish momentum after it announced that it has received a letter from FDA exempting its late stage product, Gimoti™ from a Human Factors Validation study requirement prior to submission of a New Drug Application.For the last few months, shares of EVOK have found themselves in a relative uptrend but today the stock gapped more than 50% at the opening bell as compared to its previous closing price of $2.61 on Tuesday.

Novan (NOVN ) has seen its first big day of trading in weeks. Many reports previous to today have given a grim outlook for the company. In fact in an article from 24/7 Wall St, a contributor citing the massive price target cut by Wedbush ($6 from $33) mentioned the brokerage firm’s comment.This included mention of, “With most acne products approved on the basis of two successful Phase 3 trials, we do not believe SB204 would be approvable with latest dataset. The studies were well-powered, with 1,300 patients enrolled in each trial, and vehicle response was not particularly high; we attribute the failure to the inconsistencies in responses to nitric oxide-based therapy and general variability to treatment that makes acne a challenging indication. “

Since declining to around the $4 mark, shares of Novan have traded relatively sideways until Wednesday.The stock saw a spike in both volume and price that also included multiple trading halts.Highs of the morning topped out at $7.98; over 60% higher than where the stock closed on Tuesday.

Fortress Investment Group (FIG) is one of the top traded stocks by share volume on Wednesday. As of 12:24PM EST, the stock had traded more than 124 million shares.This came after it was announced that Japan's Internet conglomerate SoftBank agreed to buy Fortress for roughly $3.3 billion in cash. The stock spiked to highs of $8.05 and has since traded in a very tight channel between $7.95 and $8.05…$8.08 is the price per share that SoftBank will pay in the buyout. 

Platinum Pari-Mutuel Holdings (PPMH), as a follow up to my article yesterday, came out with an announcement today that the company will undergo a name change and a change in CUSIP number. The name change will be from Platinum Pari-Mutuel Holdings, Inc. to Point to Point Methodics, Inc and is anticipated to be complete within the week according to this announcement. Similar to Fortress, PPMH has also traded in a tight channel on Wednesday with share price ranging between $0.24 and $0.279. Several reports have highlighted the increased short interest in the stock this week with nearly 40% of volume being shorted according to OTCShortReport as of February 14.

Orbital Enterprises, Inc. (OBLR) has seemingly taken off out of nowhere on Wednesday. Without any recent announcements and filings showing 0 revenue for the period ended September 30 (the last filing on record to date), shares have jumped a staggering 10,614% from where this very thinly traded penny stock closed on Tuesday. The stock gapped up to $0.0074 at the opening bell and promptly hit highs of $0.15 during the morning session. In my opinion, this could have been the target of a random stock promotion so obvious caution on this equity may be required.