Updated from 1:43 p.m.

Wyeth

(WYE)

shares saw heavy volume and a major rise Wednesday after a court ruling cleared out a raft of restrictions on diet-drug patients who are suing the company over heart problems allegedly caused by Wyeth products.

Subsequent to losing 8% Tuesday, the stock closed up 50 cents, or 1.44%, to $35.15 on volume of more than 21.6 million shares, after a Morgan Stanley analyst said Wyeth has become too cheap to sell at current levels, though the analyst also cut its price target to $43 from $48.

Wyeth tanked Tuesday when a federal appeals court vacated an injunction that limited the kinds of evidence that could be used in the suit, which is being brought by users of the fen-phen diet drug who opted out of a $3.75 billion class-action settlement.

Calpine

(CPN)

shares closed up 7 cents, or 1.94%, to $3.67 on volume of more than 14.7 million shares after the company said it sold energy contracts in Newark and Parlin, N.J.

The $101 million cash sale will help the power company retire $79 million of debt, and the sale consolidates Calpine's regional market standing. "Calpine enhances its liquidity, reduces debt and strengthens its competitive position in the

Pennsylvania, New Jersey and Maryland market," CFO Bob Kelly said.

EMC

(EMC)

, the data storage and management company, saw shares rise early after it announced an agreement with computer maker

Dell

(DELL) - Get Report

to offer backup and replication software from the company's Legato Software division.

Dell said storage-area network systems costing less than $15,000 will have a $1.5 billion market by 2007. EMC shares climbed 50 cents, or 4.67%, to close at $11.20. About 18.7 million shares changed hands.

Rounding out the

Nasdaq

high-volume list were

TiVo

(TIVO) - Get Report

,

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

,

Microsoft

(MSFT) - Get Report

and

Sun Microsystems

(SUNW) - Get Report

.

NYSE

leaders also included

Lucent

(LU)

and

Nortel

(NT)

.

Other early gainers included

Fidelity National Financial

(FNF) - Get Report

, which saw shares jump after the insurance provider filed to spin off its information systems unit. Shares of Fidelity National closed up $2.68, or 7.59%, to $38 on volume of 2.9 million shares.

Playtex

(PYX) - Get Report

shares also got an early lift after Lehman Brothers upgraded the company to overweight. Shares Wednesday closed up 21 cents, or 3.1%, to $6.99 on volume of 1.2 million shares.

Boston Scientific

(BSX) - Get Report

continued its run-up from Tuesday, when it announced successful results from a clinical trial of its drug-coated stent used in treating cardiac disease.

Shares traded up $4.46, or 11.05%, to $44.82 on volume of 18.8 million shares. The news also drove down shares of rival

Guidant

,

(GDT)

which suffered the Big Board's highest losses for the day. The medical device maker found

unspecified problems with its own coronary stents, causing shares to tumble $6.78, or 11.21%, to $53.71 on volume of 17.1 million shares.

Parts maker

Tenneco Auto

(TEN) - Get Report

also saw a second-day climb after the company Monday pulled a secondary share offering. Shares closed up 55 cents, or 4.56%, to $12.62 on volume of 1.2 million shares.

Mace Security International

(MACE)

topped Nasdaq gainers after the FBI warned of a heightened terror risk headed into the summer. Shares closed up $1.50, or 31.71% to $6.23 on volume of 13.3 million shares.

Magal Security

(MAGS) - Get Report

closed up $3.88, or 22.86% to $20.85 on volume of 16.9 million shares.

Digital Recorders

(TBUS)

climbed 91 cents, or 15.58%, to close at $6.75, with 6.3 million shares changing hands.

IPIX

(IPIX)

continued its ascent for a second day, getting a terror-related bump up after it announced that it made a resale agreement with

JCS Digital Security

to put its technology in security cameras and that the company also received a patent on a key platform for its digital ad distribution system. Shares closed up 93 cents, or 11.89%, to $8.75 on volume of 19.7 million shares.

U.S. Airways

(UAIR)

led Nasdaq losers Wednesday on profit taking, dropping 72 cents, or 21.82%, to close at $2.58.

The stock climbed from $1.50 on May 17, as the teetering airline's flight attendants union was reportedly weighing concessions to help the carrier.

Young Innovations

(YDNT)

announced that it was cutting its price discounts for its dental supplies, ending a promotional program with distributors and reducing second-quarter sales forecasts by as much as $5 million, or 20 cents a share. Shares dropped $6.08, or 18.07%, to close at $27.56 on volume of 123.284 shares.

Portal Software

(PRSF)

also took a hit after releasing worse-than-expected-first-quarter earnings. Sales were $7.9 million, or 19 cents a share, down from $2.0 million, or 6 cents, in the same quarter last year, which netted the company a downgrade from Kaufman Bros.

Shares tumbled 80 cents, or 15.09%, to close at $4.50, on volume of 1.5 million shares.

On the Big Board, railroad holding company

Genesee & Wyoming

(GWR) - Get Report

followed Guidant down, as investors failed to meet the $21.50 price on the rail company's secondary offering. Shares dropped $1.26, or 5.59%, to $21.29 on volume of 1.9 million shares.

The Sports Authority

(TSA)

ended Wednesday on the disabled list, announcing the resignation of Elliott Kerbis, president and chief merchandising officer, and posting same-store sales results that were weaker than expected. Thus bruised, shares limped down $1.92, or 5.42%, to 33.50 on volume of just under 2 million shares.