Winners

CNF

( CNF), a freight carrier, was up 6% to $33.23 after Morgan Stanley upgraded the company's shares to overweight from equal-weight.

Collins & Aikman

(CKC)

, a supplier of auto parts and components, was gaining 14% to $9.68 after the company reported a first-quarter loss of 4 cents a share. Excluding items, the company earned 11 cents.

Hanger Orthopedic

(HGR)

was climbing 7% to $12.94 after the company reported first-quarter earnings of 14 cents a share, excluding items. Sales rose 2.4% to $123.5 million from $120.6 million in the prior year's quarter. The company, which provides services to patients with orthotics and prosthetics, earned a penny after factoring in items.

Medical Action Industries

(MDCI)

, a supplier of medical and surgical disposable products, was gaining 16% to $14.18. The company disclosed plans to acquire MD Industries, a specialty packaging and collection systems business, and said the deal will add to earnings immediately.

OraSure Technologies

(OSUR) - Get Report

was up 10% to $8 on news the maker of medical diagnostic products received an approvable letter from the

Food and Drug Administration

for an HIV antibody test.

UAL

(UAL) - Get Report

, the parent company of United Airlines, was rising 23% to $11.68 after Goldman Sachs raised its rating on the stock to trading buy from market outperform.

Losers

CMS Energy

(CMS) - Get Report

was falling 15% to $16.33 on word the

Securities and Exchange Commission

is investigating electricity trades that might have boosted the company's trading volume.

Fairchild Corp.

(FA)

was falling 18% to $5.05 after the maker of fastening systems for aircraft said demand for its products will probably decline throughout the calendar year. The company posted third-quarter earnings of 2 cents a share, reversing a loss of 14 cents in the year-ago period. Sales fell to $153.2 million from $162.4 million.

Fargo Electronics

( FRGO) was losing 17% to $9.12 after the company filed with regulators to sell up to 7.4 million common shares. Fargo, a developer of technology for creating secure identification cards, said the registration it filed would allow it to sell up to 2 million shares, while stockholders could sell up to 5.4 million shares.

Reliant Resources

(RRI)

was dropping 12% to $10.60 after the company said trades that didn't generate profits or losses inflated revenue by 10% during the last three years. Last week, the company canceled a $500 million debt offering in order to investigate its energy trading transactions.

Reliant Energy

(REI) - Get Report

, the parent company of Reliant Resources, was down 20% to $17.20.