Star Scientific ( STSI), which makes products that aim to prevent the formation of carcinogens in tobacco leaf and smoke, soared more than 50% on no news Friday afternoon. More recently, the stock was up 42.8% to $1.97 on volume more than seven times its three-month average.

Reddy Ice Holdings ( FRZ) plummeted as much as 48% after it said in a press release that it the Department of Justice executed a search warrant at its Dallas office in connection with a probe into the packaged ice industry. Shares more recently were trading down 37% to $14.55.

Also falling, Alkermes ( ALKS - Get Report) edged down 9.2% to $11.26 after the company said it expects Eli Lilly ( LLY) to discontinue its program for AIR Insulin, an inhaled insulin product that the companies are developing for diabetes.

Alkermes said in a press release that it's not aware of any safety, efficacy or manufacturing issues, and believes the decision will be based on Lilly's evaluation of its own business prospects.

Alkermes is a component of the Nasdaq biotechnology index, which was down 0.4% at 751.81.

Elsewhere, a day after shares dropped more than 40%, Omrix Biopharmaceuticals ( OMRI) took a breath. Shares recovered $1.51, or 10.7%, landing at $15.60. Post earnings, Rodman & Renshaw analyst Michael King placed the stock under review, while Citi analyst Matthew Dodds stuck with a buy rating, but lowered his price target to $23 from $33. Also Cowen & Co. analyst Eli Kammerman reiterated an outperform rating.

Gun maker Smith & Wesson ( SWHC) jumped 12.2% after fiscal third-quarter earnings beat Wall Street's estimates. The company swung to a loss of $1.8 million, or 4 cents per share, compared with a profit of $1.6 million, or 4 cents per share, in the year-ago period. Analysts polled by Thomson Financial expected a loss of 6 cents a share, excluding items. The stock gained 52 cents to $12.80.

This article was written by a staff member of TheStreet.com.