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.

First Federal Capital ( FTFC) soared Wednesday after the company agreed to be acquired by Associated Banc-Corp ( ASBC) for about $610 million. Based on Associated's closing price Tuesday, it is paying a 27% premium for shares of First Federal. Shares of First Federal closed up $4.22, or 20%, to $25.28.

Shares of Performance Technologies ( PTIX) tumbled Wednesday after reporting first-quarter earnings and revenue late Tuesday. The company met analysts' expectations for the first quarter but offered second-quarter earnings guidance that was below forecasts. Shares of Performance Tech closed down $6.18, or 32.2%, to $12.99.

Shares of Candela ( CLZR) fell Wednesday after the company announced disappointing third-quarter earnings. Candela earned 9 cents per share compared with the Thomson First Call estimates of 13 cents per share. Revenue came in at $27.7 million, which was higher than the $25.8 million analysts were expecting.

Looking ahead, the company said that it expects revenue of $100 million for fiscal 2004. That would imply revenue of $29.8 million in revenue for the company's upcoming fourth quarter. According to estimates, analysts are looking for revenue of $31.3 million during the fourth quarter. Shares of Candela closed down $5.34, or 31.6%, to $11.55.

Shares of Global Crossing ( GLBC) were under pressure for a second straight day after the company said on Tuesday that it had discovered an accounting problem that could result in it having a difficult time securing a new finance deal by June 30. Shares closed down $2.71, or 20.5%, to $10.49.

On the Big Board, shares of Plantronics ( PLT) rose after the company said it earned 42 cents per share on revenue of $121.4 million in the fourth quarter. Analysts were looking for earnings of 33 cents per share on revenue of $105.1 million. The company also offered first-quarter earnings and revenue guidance that were significantly higher than published estimates. Shares of Plantronics closed up $6.39, or 19.4%, to $39.34.

Wolverine Tube ( WLV) was up for a second day after reporting strong first-quarter results. On Tuesday, the company reported a 120% rise in net income on a 43% jump in revenue. Shares of Wolverine closed up $1.49, or 14.1%, to $12.03.

Oregon Steel ( OS) also rose on strong first-quarter earnings and revenue. The Portland, Ore.-based steelmaker earned 28 cents per share on revenue of $252.4 million. Estimates called for the company to earn 20 cents per share on revenue of $200 million. Looking ahead, the company said that it expects to record $1 billion in revenue for 2004. That is significantly higher than estimates of $795 million. Shares of Oregon Steel closed up $1.03, or 15.3%, to $7.77.

Three-Five Systems ( TFS) struggled Wednesday after the company announced first-quarter earnings that fell short of analysts' expectations. Three-Five reported a loss of 31 cents per share on revenue of $38.4 million. According to First Call, analysts were expecting the company to report a loss of 29 cents a share. Revenue of $38.4 million matched analysts' expectations.

Looking ahead, the company said that second-quarter earnings would be below consensus estimates. The company said that it would lose 21 cents to 22 cents a share on revenue of between $38 and $40 million. Analysts were expecting a net loss of 20 cents on revenue of $39.8 million. Shares of Three-Five closed down $1.24, or 18.3%, to $5.55.

Network Associates ( NET) fell after saying second-quarter guidance would be below analysts' expectations. The company said that it expects to earn 4 cents to 6 cents per share in pro forma income on revenue of between $200 million and $205 million.

Analysts were looking for the company to earn 15 cents per share on revenue of $224.5 million . Shares of Network Associates closed down $2.12, or 11.7%, to $15.98.