Updated from 12:44 p.m. EDT

Nortel ( NT) reluctantly took center stage Wednesday, leading the way as the session's volume leader.

The company's stock got hammered on more than six times its normal volume after Nortel announced the firing of its CEO, CFO and controller amid a widening accounting scandal. The company said it would restate three years' worth of financial results covering 2000 to 2003.

Additionally, Nortel said it will not be able to file its first-quarter results in a timely manner. Shares of Nortel fell $1.46, or 26%, to $4.18 on volume of more than 300 million shares.

Another company taking its place among volume leaders was Disney ( DIS). The stock fell on big volume after Comcast ( CMCSA) withdrew its bid to buy the giant entertainment company.

Comcast CEO Brian Roberts said the time had come for Comcast to walk away from the deal. "It has become clear that there is no interest on the part of Disney's management and board in putting Comcast and Disney together," Roberts said in a press release.

The news sent shares of both companies moving in opposite directions. Disney ended the day down 43 cents, or 1.8%, to $23.75 on almost 19 million shares traded. Comcast, meanwhile, finished up 30 cents, or 1%, to $30.27.

Other names joining Nortel and Disney on the NYSE high-volume list included Lucent ( LU), Micron Technology ( MU), General Electric ( GE) and Pfizer ( PFE).

Nasdaq high-volume leaders included Sirius ( SIRI), Intel ( INTC), Microsoft ( MSFT) and Cisco ( CSCO).

Looking at Nasdaq price movers, Phazar ( ANTP) rose after the company said its subsidiary, Antenna Products, had been awarded a $5.4 million contract to install 132 antennas for BAE Systems ATI. The contract brings the firm's backlog to about $9.9 million. Shares of Phazar traded up $3.37, or 64.1%, to $8.63.

Micro-cap Featherlite ( FTHR) rose on strong first-quarter earnings and revenue. The manufacturer of luxury motor coaches reported earnings of 16 cents per share vs. a net loss of 10 cents a year ago. Revenue of $56.4 million easily outpaced the $41.7 million the company reported a year ago. Shares of Featherlite ended up $1.99, or 54.2%, to $5.66.

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