Updated from 12:43 p.m. EDT

Allos Therapeutics

(ALTH)

charged to the top of the leader board Wednesday after the biotech company received

an approvable letter from the Food and Drug Administration for its drug RSR13, also known as efaproxiral.

Allos' drug approval, however, is still contingent upon the company performing an ongoing phase III clinical trial. RSR13 is used to treat brain metastases that originate from breast cancer.

In the letter, the FDA stated, "if the study shows effectiveness in this population (increased survival) using the pre-specified analysis, and the study is otherwise satisfactory, we believe it would, together with the subset, result in RT-009, support approval."

The company said that no other deficiencies were noted in the FDA's letter. Allos traded up 87 cents, or 44.6%, to $2.82 on volume of more than 29 million shares.

Xilinx

(XLNX) - Get Report

traded actively Wednesday after the company

reiterated its first-quarter revenue outlook and raised its margin guidance. Xilinx said first-quarter gross margins are expected to be about 64%, an amount higher than expected.

The company said that better-than-expected yields on its 130-nanometer semiconductor product led it to raise its margin outlook. Xilinx also said that its revenue guidance, up 5% to 8% sequentially from March, remains unchanged from previous guidance. That implies sales of $424 million to $436 million in the June quarter.

Analysts polled by Thomson First Call are expecting the company to deliver revenue of $432.3 million. Shares of Xilinx traded down $1.12, or 3.1%, to $35.23 on volume of 8.2 million shares.

Nortel

(NT)

traded briskly after the company updated its business outlook and provided more information about

the status of its previously announced financial restatements.

Nortel said it was making progress toward completing the restatement process but that much work remained. "The company continues the work to restate the financial results reported in each of its quarters of 2003 and for earlier periods including 2002 and 2001 as announced previously," it said.

"The detailed review is now under way with respect to the third and fourth quarters of 2003. The process to complete the full year 2003 and interim 2004 financial statements and the restated financial statements requires significant time due to the volume and complexity of the work involved," Nortel said. No date was given for the completion of the restatement process.

Nortel said that as a result of the ongoing financial review it is not in a position to update its first-quarter financial results. It did say, however, that it continues to see good business momentum for its networking solutions. Shares of Nortel traded down 25 cents, or 6.1%, to $3.83 on volume of 53.1 million shares.

In addition to Nortel,

NYSE

high-volume leaders included

Lucent

(LU)

,

General Electric

(GE) - Get Report

,

Motorola

(MOT)

and

Pfizer

(PFE) - Get Report

.

In addition to Allos and Xilinx,

Nasdaq

companies on the high-volume list included

Sun Microsystems

(SUNW) - Get Report

,

Microsoft

(MSFT) - Get Report

,

Intel

(INTC) - Get Report

and

Sirius Satellite Radio

(SIRI) - Get Report

.

Over on the Big Board,

Briggs & Stratton

(BGG) - Get Report

rose after the company agreed to acquire Simplicity Manufacturing for about $227.5 million. Simplicity makes well-known products that are distributed under brand names such as Snapper, Ferris and Giant-Vac.

For the 10 months ending April 30, Simplicity had sales of $285 million. For the year ending June, the company expects to deliver revenue of about $350 million. B&S expects the acquisition to contribute 35 cents to 45 cents a share to its bottom line during fiscal 2005. Shares of B&S traded up $7.63, or 10.1%, to $83.40.

Fiat Gets Its Motors Running

Fiat

(FIA)

rose after the company's new CEO vowed to do the "best bloody job" possible to fix what ails the carmaker. Aside from cutting costs, Sergio Marchionne said he also would work on reviving the company's Fiat car business. Shares of Fiat traded up 63 cents, or 8.6%, to $7.95.

Movado Group

(MOV) - Get Report

rose after the company delivered strong first-quarter earnings. The watchmaker earned 6 cents a share on revenue of $74.2 million. Analysts were expecting the company to lose 5 cents a share on revenue of $70.6 million. Looking ahead, Movado reaffirmed its 2005 earnings guidance, saying that it expects to earn between $1.84 and $1.92 a share. It expects revenue to be in excess of $400 million.

Analysts are looking for the company to deliver 2005 earnings of $1.88 a share on revenue of $398.7 million. Shares of Movado traded up 97 cents, or 3.2%, to $31.45.

Shares of

Fairchild Semiconductor

fell after the company warned that

backlog volatility could hamper its ability to meet second-quarter forecasts, although the company reiterated its expectation of 5% sequential sales growth.

"Demand for our products continues to be extremely strong and broad based," the company said, but "we also continue to see volatility in our second-quarter backlog, which could affect our ability to meet our forecast, however, booking activity has been consistently high all quarter with particular strength in the display, television, white good

appliance, power supply, battery charger, and handset end markets."

Wall Street responded negatively to the comments and sent shares of Fairchild lower. Shares of Fairchild traded down $1.37, or 7%, to $18.13.

International Rectifier

(IRF)

, a maker of integrated circuit devices, fell on word of Fairchild's tepid second-quarter outlook. Investors pressured the shares Wednesday, concluding that business conditions plaguing Fairchild also could hurt International Rectifier. Shares of International Rectifier traded down $2.14, or 4.9%, to $41.52.

Among notable Nasdaq price movers,

SCO Group

(SCOX)

rose after the company announced

an agreement to buy out its largest private equity investor.

BayStar Capital will sell its convertible SCO stock for about $23 million. Under the terms of the deal, BayStar will receive $13 million in cash and 2.1 million SCO shares. SCO will retire all of its preferred stock, which will leave the company with nothing but outstanding common stock. Shares of SCO Group traded up 88 cents, or 18.3%, to $5.69.

Shares of

Icad

(ICAD) - Get Report

rose after the FDA approved the company's Second Look 200 software product, which is used for the early detection of breast cancer. Second Look 200 is designed to make computer-aided detection of cancer more accessible to smaller breast-cancer centers. The company said its product can analyze up to 15 cases a day, is small enough to fit on a countertop and is priced below $70,000. Shares of Icad traded up 53 cents, or 15.3%, to $4.

Aspect Medical Systems

(ASPM)

rose after the company said an interim analysis of a study being performed at Massachusetts General Hospital demonstrated that Aspect's brain-monitoring technology was able to predict the effectiveness of antidepressant medications in treating depressed patients with 83% accuracy.

The study, which was initiated in May 2003, provides prospective validation of earlier research conducted on Aspect's brain technology, the company said. Shares of Aspect traded up 45 cents, or 2.7%, to $17.

EPIX Medical

(EPIX) - Get Report

fell after the company announced the pricing of a $75 million convertible note. The notes will bear a 3% interest rate. The company has also granted the initial note purchasers the right to buy an additional $25 million worth of notes to cover overallotments. The notes will be convertible into the company's common stock at a rate of 33.59 shares per $1,000 principal on the notes.

According to the company, the conversion rate is equal to about $29.77 a share. Shares of EPIX traded down $1.32, or 5.2%, to $24.05.

Shares of

Brooks Automation

(BRKS) - Get Report

fell after an analyst at Smith Barney initiated coverage of the stock with a sell rating, saying the stock was overvalued. Shares of Brooks traded down $1.06, or 5.2%, to $19.40.