Updated from 12:14 p.m EDT

Shares of

ADC Telecom

(ADCT) - Get Report

rose on active volume Friday after Merrill Lynch upgraded the stock to buy from neutral.

Merrill said ADC's acquisition of Krone and some recent divestitures prompted the upgrade. More than 26 million shares traded hands. Shares of the telecom-equipment company traded up 27 cents, or 12.2%, to $2.48.

Marvell Technology

(MRVL) - Get Report

traded actively after it announced strong first-quarter earnings.

On a pro forma basis, the broadband and storage company earned 34 cents a share on revenue of $269.6 million. Analysts polled by Thomson First Call were looking for the company to earn 32 cents a share on revenue of $266.1 million. On a GAAP basis, Marvell earned 10 cents a share. Shares of Marvell traded up $4.26, or 10.7%, to $44.09 on volume of 11.6 million shares.

In addition to ADC and Marvell Technology,

Nasdaq

companies on the high-volume list included

Microsoft

(MSFT) - Get Report

,

Intel

(INTC) - Get Report

,

Oracle

(ORCL) - Get Report

and

Cisco

(CSCO) - Get Report

.

NYSE

high-volume leaders included

Lucent

(LU)

,

Washington Mutual

(WM) - Get Report

,

General Electric

(GE) - Get Report

,

Nortel

(NT)

and

Nokia

(NOK) - Get Report

.

Serena Serves Up Winning Quarter

Among notable Nasdaq price movers,

Serena Software

(SRNA)

rose after saying its earnings before items easily beat analysts' expectations. The enterprise software company earned 24 cents a share on a pro forma basis, while analysts were looking for 20 cents a share. On a GAAP basis, Serena reported a loss of 11 cents a share. Looking ahead, the company expects to report second-quarter earnings of 24 cents to 25 cents a share on revenue of $55 million to $58 million. Analysts are expecting the company to earn 17 cents a share on revenue of $33.9 million.

Shares of Serena Software traded up $3.82, or 22.8%, to $20.60.

Shares of

Back Yard Burgers

(BYBI)

rebounded a day after the company announced the termination of discussions to do future business with

Yum Brands

(YUM) - Get Report

. The company previously licensed the Back Yard trademark to Yum in connection with an operating agreement with Taco Bell, Pizza Hut and KFC. The two sides had been negotiating an expansion. Shares of Back Yard Burgers traded up 61 cents, or 10.6%, to $6.37. On Thursday, the shares lost 19.5%.

Restoration Hardware

(RSTO)

rose after the company announced a narrower-than-expected loss. The Corte Madera, Calif.-based specialty retailer lost 12 cents a share on revenue of $98.9 million in the first quarter, compared to an analyst forecast of 14 cents a share. Same-store sales jumped 9% during the first quarter on top of a 11.9% gain a year ago. Looking ahead, Restoration said that it expects to lose 6 cents to 7 cents a share in the second quarter. Analysts are expecting it to lose 6 cents a share. Shares of Restoration Hardware traded up $1.19, or 22.3%, to $6.52.

Shares of

Wet Seal

(WTSLA)

slid after the company posted softer-than-expected first-quarter sales. While the company's loss of 56 cents a share was in line with estimates, sales were $99.8 million, about $3 million below estimates. Looking ahead, the company forecast a loss of 47 cents to 51 cents a share for the second quarter. Analysts were looking for the company to lose just 33 cents a share. Shares of Wet Seal traded down 18 cents, or 3%, to $5.75.

Ultratech

(UTEK)

fell after the company warned second-quarter results would fall short of expectations. Ultratech said second-quarter earnings would be between a loss of 5 cents a share and earnings of 5 cents a share. Analysts are expecting the company to earn 6 cents a share. For the full year, management says it expects to earn 35 cents to 50 cents a share. Analysts are looking for it to earn 44 cents a share. Shares of Utratech traded down $1.63, or 10.4%, to $14.11.

Shares of

CSG Systems International

(CSGS) - Get Report

fell after announcing the departure of two key executives. Jack Pogge, COO, will be leaving sometime this month, and William Fisher, head of software services, will be leaving the company in September. CSG did not give a reason for the departures. Its shares traded down 32 cents, or 1.7%, to $18.53.

Nordstrom Racks Up Gains, WWE Slammed

Over on the Big Board, shares of

Information Holdings

(IHI) - Get Report

rallied after the company confirmed it is mulling strategic alternatives, including a possible sale. The

Wall Street Journal

reported Friday that the publisher had put itself up for auction earlier this week and seen a $28-a-share bid from one potential buyer. Shares of Information Holdings traded up $3.58, or 15%, to $27.50.

Nordstrom

(JWN) - Get Report

rose after the company reported strong first-quarter earnings and upped guidance. The Seattle-based retailer earned 48 cents a share on revenue of $1.5 billion in the 2004 quarter compared with 20 cents a share on revenue of $1.3 billion a year ago. Analysts were looking for Nordstrom to earn 43 cents a share on sales of $1.52 billion in the latest quarter. Looking ahead, Nordstrom said second-quarter earnings should be 70 cents to 74 cents a share. Analysts are looking for 67 cents a share. Shares of Nordstrom traded up $2.67, or 7.2%, to $39.90.

Shares of

Delta Air Lines

(DAL) - Get Report

extended their gains Friday, a day after Lehman Brothers praised the stock. On Thursday, analyst Gary Chase slapped a $10 price target on Delta and upgraded shares to overweight from equal-weight. Chase cited his belief that Delta can avoid bankruptcy and reduce costs further, provided it could coax its pilots into taking a 30% pay cut. If Delta cannot reach an agreement, however, it faces an immediate liquidity crisis, Chase said. Shares of Delta traded up 65 cents, or 10.9%, to $6.64.

JLG Industries

'

(JLG)

shares fell after the company reported weaker-than-expected third-quarter earnings. The company earned 24 cents a share on a pro-forma basis on revenue of $318.7 million. Analysts were looking for JLG to post earnings of 30 cents a share. On a GAAP basis, the company earned 20 cents a share. Shares of JLG Industries traded down 73 cents, or 5.4%, to $12.81.

Shares of

World Wrestling Entertainment

(WWE) - Get Report

fell after the company priced a secondary offering of 6.14 million shares at $11.50 each. The shares, which were offered by the Vincent McMahon Irrevocable Trust, fetched proceeds of nearly $71 million. According to the company, the trust was established in June 1999 as an estate-planning vehicle for McMahon and his family. Shares of World Wrestling Entertainment traded down 70 cents, or 5.7%, to $11.50.