Stock on the Move - March 14

Stocks Rise on Heavy Volumn:

• Avanex Corp. (AVNX): shares of Fremont, California based photonic solutions company soared 16.96% or 39 cents to new 52 weeks high of $2.69. The company today announced new optical network product which provides better performance which beats current industry standard. The stock was the fifth percentage gainer and volumn leader on Nasdaq today with 52 million shares traded.
• Medicis Pharmaceutical Corp. (MRX): shares of Scottsdale, Arizona based pharmaceutical company rose 9.89% to $32.01 after the company acquired right to develop and market a botulinum toxin product for cosmetic use by doctors. Before the session the stock was trading near 3 months low of $29.13 per share. Medicis was the fifth leading gainer on NYSE with 5.4 million shares.
  

Stocks Drop on Heavy Volumn:

• Human Genome Science Inc. (HGSI): the Rockville, MD based biopharmaceutical company tumbled as analysts disappointed with the mid-stage trail result of company's Hepatitis C drug. The stock plunged 20.34%, the second most on Nasdaq, to $10.89 with eight times normal volumn of 27.9 million shares exchanged hands.
• Comverse Technology Inc. (CMVT): shares of New York based communication equipment maker dropped 14.75% to $24.85 after the company annouced that it may have to restate past earnings after accounting review. The stock was trading at 52 weeks high of $29.15 at previous session.