Updated from 1:39 a.m. EDT

Database software company

Oracle

(ORCL) - Get Report

traded feverishly Wednesday after the company reported better-than-expected fourth-quarter income but warned first-quarter sales would fall short of expectations.

During the fourth quarter, Oracle earned 19 cents a share on sales of $3.08 billion. Analysts polled by Thomson First Call were looking for Oracle to earn 18 cents a share on sales of $3.07 billion.

Looking ahead, Oracle said that it expects first-quarter earnings of 9 cents a share on sales of $2.15 billion to $2.21 billion. Analysts were looking for Oracle to earn 9 cents a share on sales of $2.25 billion.

Shares of Oracle traded down 36 cents, or 3.1%, to $11.35 on volume of nearly 81 million shares.

Shares of

Cyberonics

(CYBX)

rose 77.8% Wednesday after a panel to the Food and Drug Administration recommended approval for Cyberonics' nerve stimulator device used to treat severe depression.

The panel recommended the VNS Therapy System by a vote of 5 to 2. "The Panel's recommendation represents a major step forward toward U.S. availability of the first FDA-approved, safe, tolerable and effective long- term treatment for patients with treatment-resistant depression," the company said. The panel recommended the product as an adjunctive treatment of chronic depression for adults who experience a major depressive episode and who previously have not responded to four or more adequate antidepressant treatments.

Shares of Cyberonics traded up $15.23 to $34.81 on volume of 43.9 million shares.

Callaway Golf

(ELY) - Get Report

slumped 20.6% after the golf-equipment maker warned that second-quarter and full-year financial results would fall short of expectations.

Including integration costs of 9 cents a share, the company expects to earn 10 cents to 14 cents a share on sales of $290 million to $295 million during the second quarter. Analysts were expecting the company to earn 60 cents a share on sales of $330.6 million. For the full year, Callaway expects to earn 15 cents to 25 cents a share on sales of $975 million to $990 million.

Shares of Callaway Golf traded down $3.08 to $11.86 on volume of about 9.7 million shares.

In addition to Oracle and Cyberonics,

Nasdaq

volume leaders included

Microsoft

(MSFT) - Get Report

, down 9 cents to $27.32;

Cisco

(CSCO) - Get Report

, up 24 cents to $23.88; and

Intel

(INTC) - Get Report

, down 31 cents to $28.12.

In addition to Callaway,

NYSE

volume leaders included

Lucent

( LU), up 5 cents to $3.55;

Motorola

( MOT), up 17 cents to $18.62;

General Electric

(GE) - Get Report

, up 30 cents to $32.11; and

Nortel

( NT), up 5 cents to $4.09.

Among notable Nasdaq price movers, shares of

Greg Manning Auctions

( GMAI) rose $3.60, or 29.5%, to $15.80 after the auction company raised its full-year earnings and sales outlook. Earnings for the full year are now expected to be $22 million to $23 million vs. previous guidance of $14 million to $15 million. Revenue, meanwhile, is expected to be $250 million to $255 million vs. previous guidance of $205 million to $210 million.

Santarus

(SNTS)

soared 26.4% after the Food and Drug Administration approved the company's powder form of AstraZeneca's Prilosec heartburn medication. FDA approval of its Rapinex drug sent shares of Santarus as high as 31%. "Rapinex powder for Oral Suspension 20mg is the first FDA approved immediate-release oral PPI product that combines potent acid suppression, demonstrated safety, once-a-day dosing and rapid reduction in gastric acidity," the company said. Shares of San Diego-based Santarus traded up $3.01 to $14.40.

Shares of

Quality Dining

(QDIN)

rose 19.6% after the company said its CEO submitted a proposal to purchase the company and take it private. Under the terms of the deal, Daniel Fitzpatrick, along with four other shareholders, would pay Quality Dining shareholders $2.75 a share. Shares of Quality Dining traded up 45 cents to $2.75.

Teleglobe International

(TLGB)

slumped after the company reported first-quarter earnings and sales. During the first quarter the company reported break-even earnings on sales of $214.5 million. Shares of Teleglobe International traded down $2.71, or 28.2%, to $6.90.

Shares of

Neurogen

(NRGN)

got slammed after the drugmaker announced that results from preliminary testing of its rheumatoid arthritis treatment failed to meet clinical endpoints. As a result, the company said that it is unlikely to further develop the drug for the adult rheumatoid arthritis population. Shares of Neurogen traded down $1.76, or 18.9%, to $7.55.

Knight Trading

(NITE)

fell after Merrill Lynch downgraded shares to neutral from buy. Citing increased competition from larger broker/dealers, Merrill Lynch also cut its second-quarter earnings outlook for the company. Shares of Knight Trading traded down 78 cents, or 7.4%, to $9.81.

On the Big Board, shares of

Noranda

(NRD)

rose 8.9% after the company announced that its board "has commenced a review of various means of maximizing shareholder value after having received several expressions of interest in the company." The company has hired CIBC World Markets to act as financial adviser. Noranda also said that no specific timetable has been set but the board will act diligently. Shares of Noranda traded up $1.43 to $17.49.

FactSet Research Systems

(FDS) - Get Report

continued to climb Wednesday, a day after the company delivered solid third-quarter financial results and said that fourth-quarter sales would be stronger than expected. On Tuesday, FactSet announced third-quarter earnings of 43 cents a share, in line with expectations, on sales of $63.6 million. Looking ahead, FactSet said that it expects to report fourth-quarter sales of $65.5 million to $67 million. Analysts had been expecting FactSet to report sales of $64.4 million. Shares of FactSet Research traded up $3.99, or 8.6%, to $50.58.

Shares of

K2

( KTO) rose 5.9% after the company announced it would acquire three winter sports and outdoor apparel companies for about $208 million. K2 also updated second-quarter and full-year earnings guidance. For the quarter ended June 30, the company expects to earn 16 cents a share on sales of $230 million to $240 million. Analysts are expecting the company to earn 17 cents a share on sales of $236.8 million. For the full year, K2 expects to earn 86 cents a share on sales of $1.1 billion. Analysts were expecting the company to report earnings of 83 cents a share on sales of $959 million. Shares of K2 traded up 90 cents to $16.10.

Shares of

Hollinger

( HLR) fell 9.6% after the company disclosed that an internal review found that circulation figures were overstated at its

Chicago Sun-Times

newspaper. Efforts undertaken by the new leadership at newspaper included ensuring the accuracy of circulation figures reported to the Audit Bureau of Circulation, the company said. "The review of the newspaper's circulation reporting practices intensified following a previously announced daily, single-copy price increase that went into effect on April 1, 2004, and issues with previously reported circulation figures were discovered," the company added. Hollinger does not intend to issue any further information until the review is completed. Shares of Hollinger traded down $1.72 to $16.15.

Hewitt Associates

( HEW) slumped 13.4% after the company announced its plans to acquire

Exult

(EXLT)

for about $690 million in stock. Under the terms of the deal, Exult shareholders will receive 0.2 shares of Hewitt for each share of Exult they own, or about $6.30 a share based on Tuesday's closing price. The deal is expected to be dilutive in 2005 and 2006. Shares of Hewitt Associates traded down $4.23 to $27.25. Shares of Exult traded down 37 cents, or 6.2%, to $5.62.