Updated from 11:28 a.m. EDT

Shares of

Checkers Drive-In Restaurants

(CHKR) - Get Report

were among the

Nasdaq's

winners Monday, rising 11.9% after the company said it is exploring strategic alternatives, which may include the sale of the company.

Checkers retained Citigroup Global Markets as its financial adviser to help identify and evaluate strategic alternatives that could enhance shareholder value, the company said. Checkers said that its current stock price is not representative of the company's financial performance. In addition to the possible sale of the company, Checkers said other strategies could include acquisitions or significant share repurchases. Shares traded up $1.43 to $13.43.

Overnite

(OVNT)

rose 43.8% after the trucking company agreed to be acquired by

UPS

(UPS) - Get Report

for about $1.25 billion in cash, or $43.25 a share. The deal, which represents a 46% premium to Overnite's closing price of $29.58 a share on Friday, will allow UPS to expand its business by offering North American customers a variety of less-than-truckload and truckload services.

Overnite posted earnings of $63.3 million on sales of $1.65 billion during 2004. "Overnite is a perfect strategic fit for our company," UPS said. "We want to offer our customers the broadest portfolio of transportation and logistics services available from a single source, and this is an important capability that we needed to have." The deal is expected to close during the third quarter of 2005. Shares traded up $12.94 to $42.52.

Shares of

Limited Brands

(LTD)

traded actively after the company posted first-quarter earnings below expectations and said second-quarter earnings would be below forecasts. The retailer earned $23.1 million, or 6 cents a share, on sales of $1.98 billion. Analysts surveyed by Thomson First Call were expecting earnings of 10 cents a share on sales of $1.99 billion. A year ago the company earned $96.6 million, or 19 cents a share, on sales of $1.98 billion. Excluding a one-time gain, the company would have earned 13 cents a share a year ago. Looking ahead, Limited forecast second-quarter earnings of 23 cents to 25 cents a share. Analysts are expecting earnings of 29 cents a share. Shares traded up 2 cents to $20.45 on volume of almost 10 million shares, or about five times its daily average.

iPayment

( IPMT) rose 21.4% after the company said its chief executive, Gregory Daily, offered to buy the company for $38 a share in cash. In response to the offer, iPayment's board created a special committee consisting of four independent directors to evaluate the proposal. The deal, if consummated, would represent a 20% premium over Friday's closing price of $31.55. Shares traded up $6.74 to $38.29.

Shares of

Illinois Tool Works

(ITW) - Get Report

rose 1.5% after the company reaffirmed its second-quarter earnings outlook. After a month of actual results, the company said it continues to expect earnings of $1.30 to $1.36 a share during the second quarter. Analysts are expecting earnings of $1.35 a share. A year ago the company earned $1.16 a share. For the full year, the company expects earnings of $5.06 to $5.20 a share, in line with expectations. Shares traded up $1.22 to $83.30.

NYSE

volume leaders included

Lucent Technologies

( LU), up 6 cents to $2.86;

Exxon Mobil

(XOM) - Get Report

, down 35 cents to $53.35;

TST Recommends

Pfizer

(PFE) - Get Report

, up 37 cents to $28.23;

Sprint

( FON), up 22 cents to $22.08;

General Electric

(GE) - Get Report

, up 54 cents to $36.24; and

Valero Energy

(VLO) - Get Report

, down $1.10 to $60.66.

Nasdaq volume leaders included

Cisco Systems

(CSCO) - Get Report

, up 20 cents to $19.09;

Microsoft

(MSFT) - Get Report

, up 27 cents to $25.49;

Intel

(INTC) - Get Report

, up 21 cents to $25.33;

Oracle

(ORCL) - Get Report

, down 1 cent to $12.35;

Sirius Satellite Radio

(SIRI) - Get Report

, up 13 cents to $5.48;

Sun Microsystems

(SUNW) - Get Report

, up 2 cents to $3.96; and

Dell

(DELL) - Get Report

, up 2 cents to $39.35.