Updated from 1:03 p.m. EDT

Microsoft ( MSFT) shares saw breathtaking volume Friday after the world's largest software maker reported better-than-expected third-quarter earnings and revenue after the close on Thursday.

The stock ended the day up $1.59, or 6.1%, to $27.54 with more than 255 million shares changing hands vs. the average daily volume of just over 62 million.

Other names joining the list of high-volume leaders included Amazon.com ( AMZN), which reported blowout first-quarter earnings and revenue Thursday. Investors, however, concentrated on in-line guidance and sold the stock down $2.57, or 5.3%, to $46.29 on volume of more than 14 million shares.

Sun Microsystems ( SUNW), Oracle ( ORCL), Applied Materials ( AMAT), Intel ( INTC) and Cisco ( CSCO) rounded out the Nasdaq volume leader list.

NYSE volume was led by Corning ( GLW), Lucent ( LU), Nortel ( NT), General Electric ( GE) and Motorola ( MOT).

Corning soared Friday after the company posted stronger-than-expected first-quarter earnings late Thursday. The company also boosted second-quarter earnings guidance. Corning closed the day up $1.88, or 18.3%, to $12.13 on volume of 37 million shares.

Also joining the list of NYSE volume leaders was Assured Guaranty ( AGO), a 49 million-share initial offering that priced Thursday night at $18. The stock ended the day unchanged at $18. More than 20 million shares traded hands Friday.

Also doing big NYSE volume Friday was Celestica ( CLS), which announced better-than-expected first-quarter results on Thursday evening. The company upped guidance going forward as well.

After excluding costs and restructuring charges, the company reported a loss of 2 cents per share. Analysts were looking for a wider loss of 3 cents per share. More importantly, Celestica said second-quarter results would far exceed analysts' expectations, forecasting revenue of $2.15 billion to $2.35 billion and earnings of 7 cents to 13 cents per share. Analysts polled by Thomson First Call were looking for the company to earn one penny a share during the second quarter on revenue of $1.98 billion.

The company also announced that it was cutting 10% to 15% of its workforce, or 5,000 employees, over the next year to improve its performance. Shares of Celestica ended sharply higher Friday, up $2.94, or 17.6%, to $19.69.

Robert Half International ( RHI), a Menlo Park, Calif.-based employment firm, surged after the company announced solid first-quarter results. The company earned 9 cents a share on revenue of $572 million. In January, it forecast earnings of 4 cents to 6 cents a share on revenue of $520 million to $540 million.

Analysts, meanwhile, were looking for the company to earn 6 cents a share on revenue of $532 million. Wall Street cheered the results Friday as shares of Robert Half moved up $2.10, or 7.9%, to $28.75.

Looking at other price movers, a handful of Nasdaq stocks moved higher.

Evergreen Solar ( ESLR), a developer and manufacturer of solar electricity products, surged after the company issued a press release early Friday saying that it has doubled its manufacturing capacity vs. 2003. As a result, sales growth and lower costs would lead to improved financial performance, the company said. Shares of Evergreen, which had been up as much as 75% on Friday, gave up ground later in the day, but still closed up 35 cents, or 11.9%, to $3.29.

Millennium Cell ( MCEL) rose after the company said it would benefit from its relationship as a major subcontractor to Protonex Technology, which received a $2.6 million award from the U.S. Air Force to further develop technology that would help soldiers on extended missions. Millennium ended the day up 52 cents, or 24.6%, to $2.63 on volume of more than 12 million shares.

Ramtron ( RMTR) joined the list of highfliers Friday after the company announced solid earnings and revenue. The company earned 5 cents a share during its first quarter vs. a penny a year ago. Revenue, meanwhile, jumped 32% year over year to $13.5 million. Shares of Ramtron closed up $1.76, or 42.9%, to $5.86.

Several Nasdaq stocks were slammed Friday.

Autobytel ( ABTL) plunged after announcing weaker-than-expected first-quarter earnings Thursday afternoon. The company reported earnings of 5 cents a share vs. First Call estimates of 7 cents a share. What's more, revenue of $24.8 million came in slightly below the $24.87 million analysts were expecting.

Autobytel forecast earnings of 25 cents per share for the year. Analysts, however, were looking for the company to earn 29 cents per share during 2004. The stock was hammered Friday and closed down $2.79, or 21%, to $10.51.

Concurrent Computer ( CCUR) was shredded on Friday after the company posted earnings that met analysts' expectations but delivered revenue that fell short. The company broke even during its third quarter, but revenue of $23.6 million was lower than the $24.2 million Wall Street was looking for. Shares of Concurrent ended the day down 72 cents, or 23.2%, to $2.38. Almost 8 million shares traded hands.

Metrologic Instruments ( MTLG) fell Friday after the company guided earnings and revenue for its second quarter to the low end of analysts' expectations. The company, which reported better-than-expected earnings and revenue for the first quarter on Thursday, got no slack on the tepid second-quarter guidance. Shares of Metrologic fell $3.64, or 17.3%, to $17.36.

Shares of Callaway Golf ( ELY) got clubbed Friday after the golf-equipment maker reported weaker-than expected first-quarter earnings late Thursday. The company earned 64 cents a share excluding charges, but analysts polled by First Call were looking for the company to earn 70 cents a share. Shares finished the day down $1.94, or 9.7%, to $18.01.

Emulex ( ELX) met resistance Friday after the company offered weak guidance for its upcoming fourth quarter. Meanwhile, third-quarter earnings met expectations while revenue came in slightly lower than expectations. Shares were dragged lower Friday as investors zeroed in on the company's weak fourth-quarter guidance. Shares fell $2.11, or 10.8%, to $17.48.

Xerox ( XRX) shares fell Friday after the company reported solid first-quarter results that beat analysts' expectations. Excluding an 8-cent charge, the company earned 17 cents a share in the latest period vs. expectations of 15 cents per share. Investors, however, were focusing on the company's margins, which were being eroded by price competition.

Shares of Xerox traded down $1.23, or 8.5%, $13.18.