Benzinga's Microcap Movers for Friday August 31, 2012

Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

Shares of Emmis Communications

, the Indianapolis, IN media company, rose 24.38% Friday on 5 times average volume. U.S. District Judge Sarah Evans Barker denied a request on Friday by holders of preferred Emmis shares for an order preventing a vote on a proposal they claim could make their stock worthless. Judge Barker said preventing the vote could harm Emmis common stock share price and its ability to refinance. Emmis Communications closed at $2.50 on Friday.

Shares of zipRealty

, the Emeryville, CA online real estate brokerage company, rose 9.80% Friday on 3.5 times average volume. ZipRealty announced Thursday that it has formed a strategic alliance with New American Mortgage, a mortgage bank based in Charlotte, North Carolina with over 100 offices nationwide. New American Mortgage loan officers will be in all ZipRealty company-owned offices in 20 markets nationwide, and will be readily available onsite to give mortgage counsel, education and directly service the home financing needs of ZipRealty home buyers. zipRealty closed at $2.24 on Friday.

TeleCommunication Systems

, the Annapolis, MD wireless communications company, rose 8.64% Friday on 2.5 times average volume. TeleCommunication Systems was upgraded to Overweight from Neutral at JPMorgan on Friday. TeleCommunication Systems closed at $1.76 on Friday.