Updated from 11:33 a.m. EDT

Shares of

Panera Bread

(PNRA)

were among the

Nasdaq's

winners Wednesday, rising 10.9% after the company posted first-quarter earnings that beat Wall Street expectations by a penny and said that second-quarter earnings would be better than expected.

The bakery operator earned $13.9 million, or 44 cents a share, on sales of $178.1 million. Analysts polled by Thomson First Call were expecting earnings of 43 cents a share on sales of $176.4 million. A year ago the company earned $9.5 million, or 31 cents a share, on sales of $129.9 million. Looking ahead, Panera forecast second-quarter earnings of 32 cents to 33 cents a share. The second-quarter estimate assumes a comparable bakery-cafe sales increase of 6.5% to 8%. Analysts are looking for earnings of 27 cents a share. Shares traded up $5.85 to $59.43.

Tupperware

(TUP) - Get Report

fell 3.6% after one of the company's largest investors sold its entire stake. Vorwerk & Co. said the sale of its 10.66% stake was made after the company decided to take operational leadership in its core direct selling business. As a result, "a financial investment such as Tupperware is no longer optimal for Vorwerk's portfolio," it said. After the sale, which was managed by Deutsche Bank Securities, Vorwerk will no longer hold an ownership interest in Tupperware. Shares of Tupperware traded down 80 cents to $21.28.

Shares of

Too

(TOO) - Get Report

fell 11.3% after the retailer posted mixed first-quarter results and said that second-quarter earnings would be below expectations. The company earned $7.4 million, or 21 cents a share, on sales of $164.4 million. Analysts were expecting earnings of 20 cents a share on sales of $172.6 million. A year ago the company posted restated earnings of $5.1 million, or 14 cents a share, on sales of $154.1 million. "While our television advertising campaign did not provide the sales increase we had hoped for, it was a successful quarter overall," the company said. Looking ahead, Too said that second-quarter earnings would be 5 cents a share, flat with last year's restated results. Customer reaction to the first 12 days of the company's May sale at its Limited Too chain has been below expectations, Too said. Analysts are expecting second-quarter earnings of 8 cents a share. Shares traded down $2.50 to $19.55.

Jack in the Box

( JBX) rose 9.5% after the company posted second-quarter earnings that topped expectations. The fast-food restaurant operator earned $20.7 million, or 55 cents a share, on sales of $577 million. Analysts were expecting earnings of 50 cents a share on sales of $564 million. A year ago the company earned $18.7 million, or 51 cents a share, on sales of $517.3 million. Looking ahead, the company offered a mixed bag of guidance. For the third quarter, Jack in the Box expects earnings of 60 cents a share on sales of $585 million. Analysts had been expecting earnings of 63 cents a share on sales of $594.4 million. For the full year, however, the company expects earnings of $2.46 a share, 3 cents better than its earlier forecast, and 3 cents better than analysts' expectations of $2.43 a share. Shares traded up $3.50 to $40.20.

Despite a fourth-quarter earnings shortfall, shares of

Catalina Marketing

( POS) rose Wednesday. The company earned $15.3 million, or 29 cents a share, on sales of $112 million. Results included $700,000 in losses related to discontinued operations. Without the discontinued operations, the company would have earned $16 million, or 30 cents a share. Analysts were expecting earnings of 36 cents a share on sales of $112.5 million. A year ago the company posted pro forma earnings of $22.4 million, or 43 cents a share, on sales of $117.4 million. Catalina said that it incurred costs during the most recent period that were not experienced a year ago. The increased costs were related to growth initiatives, incentive compensation and compliance with Sarbanes-Oxley. Shares traded up 96 cents, or 3.9%, to $25.39.

NYSE

volume leaders included

Lucent Technologies

( LU), up 2 cents to $2.88;

Hewlett-Packard

(HPQ) - Get Report

, up $1 to $22.55;

Exxon Mobil

(XOM) - Get Report

, down 21 cents to $53.65;

Motorola

( MOT), up 48 cents to $16.90; and

General Electric

(GE) - Get Report

, up 44 cents to $36.90.

Nasdaq volume leaders included

Applied Materials

(AMAT) - Get Report

, down 10 cents to $15.94;

Microsoft

(MSFT) - Get Report

, up 24 cents to $25.70;

Intel

(INTC) - Get Report

, up 23 cents to $25.93;

Cisco Systems

(CSCO) - Get Report

, up 18 cents to $19.24; and

Oracle

(ORCL) - Get Report

, up 12 cents to $12.33.