Updated from 12:43 p.m. EDT

Abgenix ( ABGX) and other drug stocks moved higher on huge volume Monday after OSI Pharmaceuticals ( OSIP) announced that its experimental lung cancer drug, Tarceva, showed excellent results in a phase III study.

Abgenix, which has a colon cancer drug in phase III, moved in sympathy on the OSI news and ended the day up $3, or 20.4%, to $17.70 on volume of more than 14 million shares.

OSI, for its part, was the biggest percentage gainer and second-most actively traded stock, moving up $52.96, or 138.9%, to $91.10 on volume of almost 60 million shares.

Other names joining the list of high-volume leaders included Nasdaq mainstays Microsoft ( MSFT), Intel ( INTC), Cisco ( CSCO) and Oracle ( ORCL).

On the Big Board, Genentech ( DNA), which is codeveloping Tarceva, along with Swiss drugmaker Roche, surged on heavy volume Monday. More than 9 million shares changed hands, as the stock moved up $13.77, or 11.7%, to $131.99.

Lucent ( LU), Nortel ( NT), TXU ( TXU), EMC ( EMC), Motorola ( MOT), General Electric ( GE), International Game Tech ( IGT), Corning ( GLW) and TXU ( TXU) rounded out the list of NYSE volume leaders.

TXU finished the day up $3.90, or 13.2%, to $33.53 after the Dallas-based power producer announced it would sell its Australian unit for $3.7 billion and its TXU Fuel Co. unit for $500 million. The company also raised first-quarter and full-year earnings guidance and said it planned to repurchase a preferred series. More than 13 million shares traded.

Looking at price movers, several Nasdaq stocks zoomed higher on Monday.

Value Line ( VALU), the investment publishing company, moved up $10.81, or 20.3%, to $63.96 after it announced late Friday that it declared a special dividend in the amount of $17.50 a share. Value Line said it was returning cash to investors as a result of "our successful operations over the past number of years, at a time when shareholders can enjoy the present favorable tax rates on dividends."

8X8 Inc. ( EGHT) jumped after the company said the Federal Communications Commission requested that it demonstrate its video-over-IP technology to the commission on May 7 at the FCC Solutions Summit.

The summit will focus on ways that people with disabilities access technology that's based on IP. 8X8 will be showing how consumers with hearing ailments and other disabilities can use this technology to enhance their lives. Shares of 8X8 traded up 37 cents, or 13.3%, to $3.16 on almost 6 million shares.

Another Nasdaq mover was Array Biopharma ( ARRY), which also benefited Monday from OSI's cancer drug news. Indeed, all things pharma seemed to do extremely well on Monday. Array finished up $1.55, or 16.9%, to $10.70.

But other Nasdaq stocks weren't as lucky.

Mitcham Industries ( MIND), a seismic equipment supplier for the oil and gas industry, got drilled after the company issued a press release saying that it would not release its fourth-quarter earnings Monday.

The company said that "certain concerns have been raised by an employee about the sufficiency of the system of internal controls and procedures at the company's Canadian subsidiary, Mitcham Canada, that may compromise the integrity of receivables recognized in the unpublished fourth-quarter results of operations."

The company also said that it's working with the audit committee along with an independent firm to investigate the concerns raised by the employee. Shares of Mitcham finished down $1.10, or 21.6%, to $4.

First Health ( FHCC) slipped after the company lowered its first-quarter and full-year estimates. The managed care company said that it expects first-quarter earnings to now come in at 30 to 32 cents vs. Thomson First Call estimates of 38 cents. For the full year, the company expects to earn $1.30 to $1.40, which is significantly lower than estimates that called for the company to earn $1.57.

First Health also lowered its first-quarter and yearly revenue outlook as well, saying that it expects between $210 million and $215 million in revenue for the first quarter and between $885 million and $905 million in revenue for 2004. Analysts were expecting the company to deliver revenue of $234 million for the first quarter and revenue of $953 million for all of 2004. The company is expected to release first-quarter earnings on May 3.

Shares of First Health finished the day off $3.18, or 14.7%, to $18.44.

Anadigics ( ANAD) lost ground Monday after the communications company announced first-quarter earnings that met Street forecasts, but it then warned that second-quarter numbers would come up short of analysts' expectations.

After delivering in-line numbers for the first quarter, the company said it expected to lose 37 cents to 39 cents a share in the second quarter. Analysts polled by Thomson First Call were looking for Anadigics to lose 36 cents per share during the second quarter.

Shares of Anadigics traded down 96 cents, or 15.5%, to $5.25.

On the Big Board, Thomas & Betts ( TNB) moved higher Monday after the electrical components manufacturer announced strong first-quarter earnings. Thomas & Betts earned 27 cents per share vs. 9 cents per share a year ago. Analysts were looking for the company to earn just 14 cents per share.

Revenue for the company was $353 million, besting the lone estimate of one analyst who was looking for the company to achieve revenue of $329 million.

Looking ahead, the company said that it expects second-quarter results to be as good as or slightly better than its first-quarter results. The company also said that it is "cautiously optimistic" about beating the 97 cents that analysts are forecasting the company will earn in 2004. Shares ended the day higher by $1.20, or 5.1%, to $24.80.

Drew Industries ( DW), a maker of components for the RV and manufactured housing markets, climbed Monday after the company announced blowout first-quarter earnings and revenue. Drew earned 57 cents per share on revenue of $108 million.

Both figures were significantly higher than the 37 cents per share in earnings and $87 million in revenue, respectively, that analysts were looking for. Shares of Drew finished the day up $2.24, or 6%, to $39.33.

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