Updated from 12:42 p.m. EDT

Shares of

Applied Materials

(AMAT) - Get Report

saw big volume Monday and bucked the general rout in stocks after J.P. Morgan raised its rating on the semiconductor capital-equipment maker.

Citing accelerating revenue growth during the company's second quarter and expected bookings improvement during the second half of 2004, J.P. Morgan raised Applied to overweight from neutral. The brokerage said it is also expecting Applied's 300-millimeter fab orders to increase during the second half of 2004. Shares of the company finished higher on Monday, up 42 cents, or 2.2%, to $19.09 on volume of about 46 million shares.

Shares of

Citigroup

(C) - Get Report

moved lower Monday after the company agreed to

pay former owners of WorldCom $2.65 billion. Under the settlement, former stock/bondholders of the fallen telecom would receive about $1.64 billion after taxes. In connection with the large settlement -- in which Citigroup is being allowed to deny breaking the law -- Citigroup is taking a $4.95 billion after-tax charge. More than 29 million shares traded hands. Shares of Citigroup traded down $1.31, or 2.8%, to $45.41.

Shares of

Charter Communications

(CHTR) - Get Report

fell on active volume after the cable-television company reported a wider first-quarter loss. Charter reported a loss of

$1 per share on revenue of $1.21 billion. Analysts polled by Thomson First Call were looking for the company to lose 32 cents per share on revenue of $1.23 billion.

The company said that a large chunk of the loss occurred because "the company is absorbing substantially all future net losses before income taxes that in the past were allocated to minority interest." Shares of Charter traded down 25 cents, or 6.5%, to $3.61, on volume of 12.4 million shares.

Nasdaq

companies on the high-volume list included

Sirius Satellite Radio

(SIRI) - Get Report

,

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

and

Microsoft

(MSFT) - Get Report

.

NYSE

high-volume leaders included

Lucent

(LU)

,

General Electric

(GE) - Get Report

,

Nortel

(NT)

and

JP Morgan Chase

(JPM) - Get Report

.

Looking at Nasdaq price movers, shares of

Fuel-Tech

(FTEK) - Get Report

rose after it announced an alliance with

Duke Power

. Under the agreement, Duke will be given priority status for and price breaks on Fuel-Tech's services. Fuel-Tech will provide, over the next four years, its NOxOUT systems to Duke. Shares of Fuel-Tech traded up 91 cents, or 24%, to $4.70.

Barbeques Galore

(BBQZ)

rose after it reported strong first-quarter sales. The company reported revenue of $43.6 million during its first quarter vs. $35.2 million a year ago. The company also reported same-store sales of 19.2% in its U.S. operations and 2.8% for its Australia operations. Shares of Barbeques Galore traded up 79 cents, or 9.7%, to $8.95.

Overstock.com

(OSTK) - Get Report

fell after the company announced plans to

sell 1.5 million shares to the public in an auction-based format. The underwriters, W.R. Hambrecht and JMP Securities, also have an option to purchase an additional 225,000 shares to cover overallotments. Shares of Overstock traded down $3.82, or 10.4%, to $32.78.

InKine Pharmaceutical

(INKP)

fell after reporting first-quarter results. The company announced break-even earnings on revenue of $4.4 million. The lone analyst tracking the company was expecting earnings of 1 cent per share on revenue of 4.56 million.

InKine said that had it not incurred losses associated with a withdrawn stock offering and class-action lawsuit, it would have earned 1 cent per share. Shares of InKine traded down 80 cents, or 14.5%, to $4.72.

Shares of

Novatel Wireless

(NVTL)

fell after Banc of America Securities started coverage on the stock with a neutral rating. After serving as lead underwriter for Novatel's stock offering about six weeks ago, Banc of America initiated coverage of the stock with a neutral rating that sent investors heading to the exits. Shares of Novatel traded down $1.50, or 10%, to $13.54.

Over on the Big Board, shares of

Allegheny Energy

(AYE)

rose after the company said it earned 25 cents per share on revenue of $889.7 million in the first quarter, 24.3% higher than a year ago. Excluding one-time gains, it lost less than 1 cent per share, or $300,000. Shares of Allegheny traded up 70 cents, or 5.3%, to $14.

Vesta Insurance Group

(VTA) - Get Report

rose after it announced first-quarter results. The company earned 42 cents per share vs. 13 cents a year ago, on revenue of $147 million vs. $153.9 million a year ago. Shares of Vesta traded up 69 cents, or 14.1%, to $5.60.

Shares of

TV Azteca

(TZA) - Get Report

slumped after the company said that two board members were stepping down. The company announced that James Jones and Gene Jankowsky had notified the company of their intention to resign from Aztec's board. Jones had been appointed to head a special committee to investigate a 2003 debt deal that involved Ricardo Salina -- owner of TV Azteca -- and his cell-phone company, Unefon. Shares of TV Azteca traded down $1.67, or 19.2%, $7.03.

Ispat

(IST)

fell after the company announced first-quarter results Monday. Excluding items, the company earned $19.2 million on revenue of $665.6 million. In the year-ago period, Ispat earned $14.8 million on revenue of $553.9 million.

Looking ahead, the company said that during its second quarter the company sees "no fundamental slackening in demand and no surge in supply. We are well positioned to continue to support our customers and to improve our financial performance into the second quarter." Shares of Ispat traded down 15 cents, or 1.4%, to $10.85.