Updated from 1:01 p.m. EDTFoundry Networks ( FDRY) foundered its way to the Nasdaq high-volume list Friday after the company's first-quarter earnings disappointed Wall Street. The San Jose, Calif.-based network gear-maker delivered first-quarter earnings of 14 cents a share on revenue of $104 million. Analysts polled by Thomson First Call were looking for a first-quarter profit of 17 cents a share on revenue of $113 million. Foundry also said it would earn 14 cents a share on revenue of $105 million to $110 million in the second quarter. Analysts expected the company to deliver 17 cents a share on revenue of $117 million. Shares of Foundry fell $2.85, or 20.1%, to $11.30, on volume of more than 35 million shares. Sirius Satellite ( SIRI) rose on heavy volume after the company said that its retail market share rose to 44% in March. According to data compiled by the NPD Group, 32,000 Sirius radios were sold to retail outlets during March, Sirius said in a press release. The sales represented a 110% increase vs. the year-ago period and a 38% improvement on a sequential basis from February 2004. Shares of Sirius traded up 16 cents, or 5.1%, to $3.30, on volume of about 38 million shares. Conseco ( CNO) got thumped on heavy volume Friday after the insurer lowered earnings expectations for 2004. The Carmel, Ind.-based company said that it expects net income of $175 million to $200 million for the year ended Sept. 30, 2004. For the first quarter it expects to earn 46 cents to 50 cents a share. The insurer said that "first-quarter results were affected by lower interest rates, which caused a compression in the spread earned during the quarter, and by higher mortality." Shares of Conseco traded down $1.30, or 6.2%, to $19.80, on volume of 14.5 million shares.