Updated from 1:16 p.m. EDT

The market's fixation on biotech continued Tuesday with ImClone Systems ( IMCL) taking its place among the session's volume leaders.

After vaulting to a 52-week high of $81.05 in early trading, ImClone shares drifted lower and ended the session down $3.15, or 4.3%, to $69.94, on almost 21 million shares traded, or more than 9 times its normal trading volume.

The company said first-quarter earnings came in at 76 cents a share on revenue of $109.6 million, both well ahead of consensus estimates. The biopharmaceutical company saw a jump in licensing and milestone revenue related to its cancer drug Erbitux, which was cleared for sale by the Food and Drug Administration in the first quarter.

But the shares pulled back after executives told a conference call that although 2004 would be profitable, subsequent quarters' income wouldn't match numbers put up in the first quarter.

Also doing big volume for a second consecutive session was OSI Pharmaceuticals ( OSIP), which skyrocketed Monday on word of clinical success in a small-cell lung cancer trial. OSI ended the day down $6.85, or 7.5%, to $84.25, with almost 23 million shares changing hands.

Moving lower in heavy trading was Conexant Systems ( CNXT), which posted earnings that beat estimates last night but guided its fiscal third quarter lower. Shares of Conexant traded down 81 cents, or 14%, to $4.96, on volume of more than 55 million shares, which was almost five times its normal daily volume.

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

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

Other Big Board companies that experienced heavy volume Tuesday included Oxford Health ( OHP), which said last night that it would be acquired by United Health Group ( UNH) in a $4.8 billion stock and cash transaction. Shares of Oxford ended the day up $1.31, or 2.4%, to $56.25, on volume of more than 12 million shares. United Health Group, meanwhile, ended the day up 62 cents, or 1%, to $64.62, on volume of more than 11 million shares.

Looking at Nasdaq price movers, Novatel ( NGPS) climbed after announcing first-quarter earnings of 20 cents per share on revenue of $9.5 million. There were no published analyst estimates for the company's first quarter, but investors cheered the results. Investors were also pleased with the 2004 guidance, after the company raised its earnings and revenue estimates. Shares of the global positioning system designer ended up $4.42, or 44.3%, to $14.40.

Micro-cap Conolog ( CNLG) ran up after publishing a press release in which it heralded "the introduction of its PDR digital security protection systems for West Coast and Canadian utilities."

The release said that the systems have "eight-line capability" and "high-speed response time," features that convinced security-obsessed daytraders to bid the stock up $1.55, or 34.1%, to $6.10. The release was unclear on precisely what it is the systems do.

Shoemaker Vans ( VANS) moved significantly higher Tuesday after the company announced it would be acquired by VF Corp. ( VFC) in a cash deal of $20.55 per share, or almost $400 million.

Shares of Vans ended the day up $4.48, or 28.3%, to $20.29.

British biotechnology company Xenova ( XNVA) flew on heavy volume after it was mentioned positively in a Wall Street Journal article. The story on brain cancer treatments mentioned that Xenova has a drug that is expected to enter clinical trials later this year. Shares of Xenova ended up 23 cents, or 11.9%, to $2.17, on volume of more than 8 million shares.

Other Nasdaq names didn't fare so well.

Tumbleweed Communications ( TMWD) got ripped Tuesday after announcing first-quarter earnings and revenue that fell short of expectations. On a pro forma basis, the company broke even, at a penny worse than estimates. Revenue of $10.1 million was just shy of the $10.2 million analysts sought.

Looking ahead, the company said it expects to report a pro forma loss of 2 cents to 4 cents during the second quarter on revenue of between $10.5 million and $11.5 million. Analysts were looking for the company to earn a penny on revenue of $12.1 million. Shares of Tumbleweed finished down $3.21, or 42.2%, to $4.39.

Amkor Technology ( AMKR) joined Tuesday's list of losers that failed to meet earnings expectations. The company's first-quarter earnings of 7 cents a share were well short of the 10 cents that analysts polled by Thomson First Call were looking for. Revenue of $465 million was also well short of the $474.6 million consensus. Shares of Amkor traded down $4.26, or 31.7%, to $9.16.

California Amplifier ( CAMP) got fried after announcing fourth-quarter earnings late Monday that fell short of expectations. The company earned 18 cents per share on revenue of $41.6 million. Analysts were looking for the company to earn 22 cents per share on revenue of $37.4 million. Shares of California Amp fell $4, or 28.7%, to $9.92.

On the Big Board, Aaron Rents ( RNT) rose after the company announced that first-quarter earnings were stronger than expected. Aaron Rents earned 38 cents a share in the quarter vs. 27 cents a year ago. Analysts were looking for 33 cents a share in the first quarter. Revenue of $242.5 million was also significantly higher than analysts' expectations of $222.7 million.

Aaron Rents also said it now expects 2004 revenue to exceed $950 million and earnings to come in between $1.48 and $1.53 per share. Analysts were expecting revenue of $904 million and earnings of $1.31 per share. The shares ended up $3.36, or 13.4%, to $28.42.

Wolverine Tube ( WLV) rose after the company announced strong first-quarter results. The company earned 11 cents per share in the latest quarter compared with 5 cents per share a year ago.

The 120% jump in net income was significantly higher than what the lone analyst covering the stock was looking for. Revenue during the first quarter was $205.8 million, a 43% increase from the year-ago period. Shares of Wolverine finished up $1.12, or 11.9%, to $10.54.

Sonic Automotive ( SAH) joined the list of winners as well, after the company announced strong first-quarter results. The company, after excluding items, earned 53 cents per share on revenue of $2.36 billion. Analysts were looking for the company to earn 47 cents per share on revenue of $1.93 billion. Shares of Sonic finished up $2.22, or 9.3%, to $26.10.

Intertape Polymer ( ITP) got whacked Tuesday after the company announced weaker-than-expected earnings and revenue. The company earned 6 cents per share on revenue of $162 million. Analysts were looking for 17 cents per share on revenue of $166.2 million.

Management said the shortfall was the result of rapidly increasing raw material costs that it had a tough time passing on to customers. Shares of Intertape Polymer finished down $2.15, or 21%, to $8.10.

Ciber ( CBR) struggled on Tuesday after the company announced weaker-than-expected revenue and earnings for its first quarter.

On Monday night the company said it earned 10 cents per share on revenue of $180.1 million. Analysts were looking for the company to earn 13 cents per share on revenue of $213.5 million.

Shares of Ciber traded down $1.94, or 17.8%, to $8.96.

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