Stock on the Move - March 7

Stocks Rise on Heavy Volumn:

• Krispy Kreme Doughnuts Inc. (KKD): shares of troubled doughnut maker soared 20.66% to $7.71 after hiring food industry veteran as new chief executive. For the past two years, the stock fall from $40 in December of 2003 to as low as $4 per share in October of last year before boucing bak to around $6 per share in the previous session. The stock was the leading gainer on NYSE today with 5.9 million shares traded.
• Penn National Gaming Inc. (PENN): shares of Wyomissing, PA based casino and horse racetrack operator surged 13.5% or $4.63 to 52 weeks high of $38.93 on favorable ruling and analysts positive comments. The stock was the third leading gainer on Nasdaq today with 5.1 million shares.

Stocks Drop on Heavy Volumn:

• Avanex Corp. (AVNX): shares of Fremont, California based fiber optic product manufacturer plunged 18.88% or 47 cents to $2.02 as the company announced to sell 24.1 million shares to certain investors worth $48.15 million. The stock was the second leading decliner on Nasdaq today with 34 million shares traded, the tenth heaviest traded.
• Myogen Inc. (MYOG): shares of Westminster, CO based biopharmaeutical company lost 14.72% to $35.23 per share as new partnership with GlaxoSmithKline makes takeover of the company less likely. The stock was the sixth leading decliner on Nasday with 6.5 million shares exchanged hands.