Updated from 12:18 p.m. EDT

Shares of

Krispy Kreme Doughnuts

(KKD)

crumbled on heavy volume Friday after the company issued its first-ever profit warning. Citing an "increasing consumer interest in low-carbohydrate diets" the company said it expects fiscal 2005 earnings to be 10% lower than previous estimates. "This trend had little discernable effect on our business last year. However, recent market data suggests consumer interest in reduced carbohydrate consumption has heightened significantly following the beginning of the year and has accelerated in the last two to three months," the company said in a press release.

Krispy Kreme said first-quarter earnings would also be hurt, with operating earnings expected to come in at 23 cents a share. For 2005, earnings are expected to come in at $1.04 to $1.06 a share. Analysts were expecting the company to deliver first-quarter profits of 27 cents a share and full-year profits of $1.17 a share, according to Thomson First Call. Shares of Krispy Kreme ended the day down $9.29, or 29.2%, to $22.51 on volume of 20.5 million shares, or nearly 27 times its normal volume.

Shares of

VistaCare

(VSTA)

were active Friday after the health care provider announced in-line first-quarter earnings, weaker-than-expected revenue and a sobering outlook for the rest of 2004.

The company earned 22 cents a share on revenue of $53.7 million during the first quarter. Analysts were looking for the company to earn 22 cents a share on $56.2 million. What's more, VistaCare said that earnings for 2004 are now expected to come in at 93 cents to 98 cents, which is 5% below the company's previous guidance. Analysts were looking for VistaCare to earn $1.02 in 2004. Shares of VistaCare traded down $9.65, or 32.7%, to $19.90 on volume of 9.5 million shares.

Also joining the list of heavily traded stocks was

Viisage Technology

(VISG)

, which announced Friday that it received a $10.2 million order from the U.S. Department of Defense.

According to a press release, the company will support the production of secure, smart credentials as part of a previously announced Common Access Card smart card program. The company expects the project to last 12 to 18 months and says work will begin immediately. Shares of Viisage traded up $1.19, or 13%, to $10.36 on volume of 9.5 million shares.

Nasdaq

companies on the high-volume list included

Intel

(INTC) - Get Report

,

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

and

Oracle

(ORCL) - Get Report

.

NYSE

high-volume leaders included

Conseco

(CNO) - Get Report

,

Nortel

(NT)

and

Lucent

(LU)

.

Looking at NYSE price movers, shares of

National Commerce Financial

(NCF)

rose amid media reports that it could be the subject of a bidding war. The company issued a press release Friday morning saying that it "is in the process of undertaking a comprehensive review of its strategic alternatives, including the possibility of remaining independent." Shares of National Commerce traded up $3.70, or 13.2%, to $31.80.

Shares of

Magnetek

(MAG) - Get Report

got a lift after a Raymond James analyst upgraded its shares from market perform to outperform. The upgrade came a day after the company announced earnings of a penny a share on revenue of $64.8 million. That compares to a year-ago loss of 23 cents per share on revenue of $53.2 million. Analysts were looking for the company to break even in its recently completed third quarter on revenue of $59 million. Shares of Magnatek traded up 10 cents, or 1.5%, to $6.86.

R.R. Donnelley

(RRD) - Get Report

rose after the phone-book maker posted better-than-expected first-quarter results and announced a $100 million deal with

InterActiveCorp

(IACI)

. During the first quarter the company earned -- after charges -- 11 cents per share on revenue of $1.45 billion. Analysts were expecting the company to earn 9 cents per share. Looking ahead the company said that it expects to deliver pro forma earnings of $1.50 per share for 2004. Analysts were looking for the company to earn $1.54 per share. Donnelley said that it would provide second-quarter guidance later in the quarter.

Under the agreement with IAC, the company will provide "comprehensive and fully integrated solutions to meet print and print-related needs totaling more than $100 million," according to a press release. Shares of R.R. Donnelley traded up 89 cents, or 3.1%, to $30.

Shares of

Valeant Pharmaceuticals

(VRX)

fell for a second straight day after the company reported a first-quarter loss. Valeant lost 16 cents a share on revenue of $157.7 million. Excluding charges, the company lost 4 cents a share. Analysts were looking for earnings of 6 cents a share on revenue of $147.9 million. Valeant also said that generic competition hurt its royalty revenue. It warned that further declines in royalty revenue should be expected in future periods as well. Shares of Valeant traded down $3.76, or 17.2%, to $18.14.

Shares of

Enesco Group

(ENC)

fell after the company announced widening first-quarter losses. The company reported a loss of 31 cents a share on revenue of $50.5 million. That compares to a loss of 20 cents a share in the year-ago period on revenue of $46.1 million. Shares of Enesco traded down $1.59, or 12.2%, to $11.48.

Over on the Nasdaq, shares of

FARO Technologies

(FARO) - Get Report

jumped after the company announced strong first-quarter earnings. FARO earned 20 cents a share on revenue of $21 million. Analysts were expecting the company to earn 16 cents a share on revenue of $21 million. Looking ahead, the company reiterated its earnings and revenue guidance for 2004. Shares of FARO traded up $4.69, or 25.6%, to $23.

Hansen Natural

(HANS)

rose for a second day in a row. On Thursday the company announced first-quarter earnings of 19 cents a share on revenue of $38.7 million, which compares favorably with the 6 cents a share it earned on revenue of $27.7 million a year ago. Shares of the beverage maker traded up $3.69, or 23.1%, to $19.69.

Shares of

Harvard Bioscience

(HBIO) - Get Report

got hammered after the company reported first-quarter results and offered weak full-year guidance.

After announcing breakeven earnings and revenue of $22.2 million, the company lowered its earnings outlook for the year. Instead of earning 31 cents to 33 cents per share, as it previously forecasted, it now expects pro forma earnings of 22 cents to 24 cents per share for 2004. It lowered its revenue outlook as well, saying that instead of delivering $105 million to $110 million (as previously forecasted) it now expects revenue of $100 million to $105 million. Shares of Harvard Biosciences traded down $3.85, or 45%, to $4.70.

Shares of

Management Network Group

(TMNG)

slipped after the company reported first-quarter results that fell short of expectations. The company reported a loss of 6 cents a share on revenue of $5.8 million. Analysts were looking for the company to lose 3 cents a share on revenue of $5.8 million. Commenting on the quarter, the company said "our first-quarter results were clearly disappointing, although we were able to maintain a relatively flat loss from continuing operations compared with last year's first quarter." Shares of TMNG traded down 65 cents, or 21.6%, to $2.35.