Updated from 11:44 a.m. EDT

Shares of

Hollywood Entertainment

(HLYW)

were among the

Nasdaq's

winners Thursday, rising 11.5% after rival

Blockbuster

(BBI) - Get Report

said that it would like to buy Hollywood Entertainment for about $700 million.

Blockbuster said it has "expressed an interest" in acquiring Hollywood Entertainment, but meaningful discussions over the terms have not yet taken place. The deal, valued at $11.50 a share, would represent a premium of 17.3% over Wednesday's closing price of $9.80 a share. The deal would also represent a 12.2% premium over the value of Hollywood's current merger agreement with the buyout firm Leonard Green & Partners, which is valued at $10.25 a share.

"We believe this proposed transaction better positions Blockbuster to compete in the rapidly changing home entertainment marketplace, while benefiting consumers as well as Blockbuster and Hollywood Entertainment shareholders," Blockbuster said. Shares of Hollywood Entertainment traded up $1.13 to $10.93, while Blockbuster added 82 cents to $8.20.

GenCorp

(GY)

rose 23.7% after Steel Partners II, a New York-based investment fund, offered to buy the company for $17 a share in cash. Steel Partners, the second-largest institutional shareholder of GenCorp, said it can "no longer stand by while the value of its investment gets diluted by another poor decision."

GenCorp's most recent poor decision, Steel Partners said, had to do with GenCorp offering up to $75 million in convertible debt and offering to sell some 8.6 million shares of stock. Steel Partners said the proposed financing is "yet another example of the incorrect and misguided business decisions the board has and continues to make." Shares of GenCorp traded up $3.35 to $17.50.

Shares of

Tiffany

(TIF) - Get Report

fell 5.7% after the company turned in soft third-quarter earnings and cut its full-year earnings guidance. During the third quarter, the luxury goods retailer earned 14 cents a share on sales of $461.2 million. Analysts polled by Thomson First Call were expecting earnings of 19 cents a share on sales of $465.2 million. The company said that the numbers were hurt by weak sales in Japan and by higher costs of precious metals and diamonds. Looking ahead, Tiffany lowered its full-year earnings expectations to $1.43 to $1.48 a share, down from previous guidance of $1.55 to $1.60 a share. Analysts had been expecting earnings of $1.54 a share. Shares of Tiffany traded down $1.84 to $30.29.

Shares of

Taser International

(TASR)

rose 5.7% after the company said it would roll out a new XP unit with an extended range. The new XP Air Cartridge will have a range of 25 feet. The stun gun maker said the accuracy and dispersion of the new weapon would be "comparable to that of our standard cartridge at its full 21-foot range." The new cartridge, which will be unveiled at the International Association of Chiefs of Police Conference in Los Angeles on Saturday, will begin shipping in December. Shares traded up $3.12 to $57.95.

Shares of

Washington Group International

(WGII)

fell 2.4% after the company posted mixed third-quarter results and warned that full-year earnings would fall short of expectations. During the third quarter, the engineering and construction company earned 45 cents a share on sales of $715 million. Analysts were expecting earnings of 44 cents a share on sales of $720 million. Cost overruns on two highway projects forced the company to take a charge during the quarter. Looking ahead, Washington Group reiterated its full-year guidance, which calls for earnings of $1.65 to $1.83 a share on sales of $2.8 billion to $3 billion. Analysts are expecting earnings of $1.88 a share on sales of $2.91 billion. Shares traded down 90 cents to $36.93.

NYSE

volume leaders included

Nortel Networks

(NT)

, down 21 cents to $3.37;

Lucent

(LU)

, up 7 cents to $3.83;

Pfizer

(PFE) - Get Report

, down 32 cents to $27.15;

Advanced Micro Devices

(AMD) - Get Report

, up $1.30 to $18.59;

Merck

(MRK) - Get Report

, down 26 cents to $26.15;

Motorola

(MOT)

, up 40 cents to $17.58; and

Coca-Cola

(KO) - Get Report

, down 21 cents to $40.96.

Nasdaq volume leaders included

Microsoft

(MSFT) - Get Report

, up 25 cents to $29.98;

Intel

(INTC) - Get Report

, up 31 cents to $23.17;

Cisco

(CSCO) - Get Report

, up 30 cents to $18.74;

Sirius Satellite Radio

(SIRI) - Get Report

, down 1 cent to $3.85; and

Oracle

(ORCL) - Get Report

, down 24 cents to $13.14.