Updated from 12:16 p.m. EDT

Shares of Tekelec , a developer of telecommunications products, finished up $1.47, or 10.14%, to $15.96, after the stock was upgraded by Oppenheimer to buy from neutral. Late yesterday, the company announced plans to offer Occam Networks ( OCCM) products and technology as a fully integrated part of the Tekelec switching product portfolio.

Vail Resorts ( MTN - Get Report) reported earnings of $58.8 million, or $1.61 a share, for the third quarter ended April 30, down from $62.5 million, or $1.77 a share, a year ago. Revenue for the quarter was $327.5 million. Analysts expected earnings of $1.56 a share on revenue of $321 million, according to Thomson First Call. The company also announced plans for its wholly owned subsidiary, Vail Resorts Development, to pursue an agreement with The Ritz-Carlton Hotel Company for development of approximately 108 luxury units to be located at the base of Vail Mountain. The stock closed up 85 cents, or 3.12%, to $28.09.

Shares of Aber Diamond rose 1.87% after it announced first-quarter earnings and that it has raised its annual dividend to $1 from 60 cents. The quarterly dividend of 25 cents will be payable on July 15 to shareholders of record as of June 30. The company said it earned $13.6 million, or 23 cents a share, for the first quarter ended April 30, vs. $2.8 million, or 5 cents a share, a year ago. Revenue for the quarter was $110.1 million. The company attributes the strong quarter to a positive contribution by Harry Winston and a strengthening balance sheet. The stock closed up 51 cents to $27.80.

Luby's traded up 8.64% after the company announced positive earnings. For the third quarter ended May 4, the company earned $3.7 million, or 15 cents a share, up from $375,000 or 2 cents a share, a year ago. Revenue for the quarter rose 6.5% to $77 million. The company also said it has reduced its debt by $16.8 million in the third quarter by utilizing cash generated from operations and proceeds from real estate sales. "In the third quarter we introduced new menu items that were well received by our customers and began airing new television commercials that focused on our talented chefs," said the company. The stock closed up 77 cents to $9.68.

Shares of Brinker International ( EAT - Get Report) were up 9.66% after the restaurant chain was upgraded by Prudential to neutral weight from under weight. Brinker also raised its fourth-quarter earnings forecast to 70 cents to 71 cents a share from its previous guidance of 67 cents to 68 cents a share. For the full year, the company now expects to earn $2.11 to $2.12 a share, up from its precious outlook of $2.07 to $2.09 a share. The stock ended the day up $3.57 to $40.52.

NYSE volume leaders included Pfizer ( PFE - Get Report), down 12 cents to $27.53; Time Warner ( TWX), down 11 cents to $16.78; Lucent ( LU), up 5 cents to $2.85; and Exxon Mobil ( XOM), up $1.71 to $58.44.

Nasdaq volume leaders included Intel ( INTC), up 60 cents to $27.70; Cisco Systems ( CSCO), up 6 cents to $19.47; JDS Uniphase ( JDSU), up 6 cents to $1.57; and Microsoft ( MSFT), up 11 cents to $25.51.