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."