Stocks are wavering in early trading today after the S&P warned top euro zone countries and the European Financial Stability Facility (EFSF) of potential credit downgrades. This credit warning comes as French and German leaders have agreed to a plan that would require changes to the European Union Treaty. These changes could come as early as this week as European leaders meet at a summit. The U.S. will also have a presence at this summit as Timothy Geithner will meet with leaders of Germany, France, Italy, Spain and the EU institutions.

The major stock indices are trading mixed this morning with the Dow up 35 points, the Nasdaq is down 6 points and the S&P down 1 point.

Here’s a handful of stocks under $10 that are going up this morning.

Frontline Ltd. (NYSE:FRO) is up 28.81% this morning at $4.57. FRO has traded 3.4 million shares so far today, already above its daily average of 2.6 million shares. Frontline announced today that company restructuring has been approved the the company’s Board. In the next few days, Frontline will put forward the plan to their creditors and counterparties for approval. The company has a current market cap of 355.69 million.

Orbitz Worldwide, Inc. (NYSE:OWW) is up 12.25% at $3.94 this morning. OWW has traded 280 thousand shares so far today and trades 253 thousand shares a day on average. Orbitz Worldwide is up today after being upgraded by The Benchmark Company. The company has a current market cap of 411.86 million.

Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) is up 5.26% this morning at $2.40. SVNT has traded 438 thousand shares so far today and trades 1.7 million shares a day on average. SVNT is bouncing back a little bit today after the stock fell last week from $2.50 to $2.25. Savient Pharmaceuticals has a market cap of 167.77 million.

Novavax, Inc. (NASDAQ:NVAX) is up 5.48% at $1.54 this morning. NVAX has traded 347 thousand shares so far today with a daily average volume of 520 thousand shares. NVAX
has trended higher the past week moving from around $1.30 to over $1.50. The company has a market cap of 181.65 million.

Leap Wireless International Inc. (NASDAQ:LEAP) is up 5.88% at $9.91 this morning and was as high as $10.35 shortly after market open. LEAP has traded 1.5 million shares so far today, just 500 thousand shares short of its daily average volume. Over the past few trading sessions, LEAP has gaped up in the mornings and then sells off throughout the day. Leap Wireless has a market cap of 770.59 million.

MetroPCS Communications, Inc. (NYSE:PCS) is up 7.19% at $8.98 in early trading today. PCS has traded 2 million shares so far today and trades 5.4 million shares a day on average. MetroPCS was upgraded from ‘market perform’ to ‘outperform’ today by William Blair & Co. The company has a market cap of 3.23 billion.