Stocks on the Move - February 17

Stocks Rise on Heavy Volumn:

• VA Software Corp. (LNUX): shares of Fremont, CA based software firm surged 13.85% to new 52 weeks high of $2.96 on 20 times normal volumn of 7 million shares as the company is expected to announce second quarter earning next Tuesday, February 21. In the previous trading session, the stock also soared 25% with 3.8 million shares. The company owns the largest open source development platform SourceForge.net.
• KeySpan Corp. (KSE): the Hicksville, NY based power and gas utility supplier today confirmed merger talks with serveral companies including Consolidated Edison (ED) and National Grid (NGG). After the annoucement the stock surged to as high as $41 per share before closing the day up 11.69% to $40.41. Nine time average shares of 7.4 million have traded.

Stocks Drop on Heavy Volumn:

• PXRE Group Ltd. (PXT): shares of Pembroke, Bermuda based insurance company plunged $7.84 or 65.94% to new 5 year low of $4.05 per share after the company raised cost estimates of hurrican damages to as high as $311 million. On Thursday the insurance rating agency downgarded the company's financial strength rating from A- to B++. About seventy times normal volumn of 36 million shares have exchanged hands, also the heaviest traded on NYSE.
• XM Satellite Radio Holdings Inc. (XMSR): after the Washington, DC based satellite radio maker posting wider fourth quarter loss in the previous session, its stock tumbled for the second straight day by dropping another 10.05% to new 52 week low $21.57. The company also got hit with downgardes from two research firms. Unfortunately the rival Sirius Satellite Radio (SIRI) also suffered bigger loss in the fourth quarter and the stock also tanked. 31 million shares have exchanged hands, the twelveth most traded on Nasdaq while rival SIRI was the heaviest traded with 123 million shares.