Stocks On The Move - May 11

Stocks Rise on Heavy Volumn:

• Movie Gallery Inc. (MOVI): shares of trouble movie rental retailer skyrocketted 51.27% or $1.62 to $4.78 per share after the company posted strong first quarter profit which went doubled fueled by acquisition of Hollywood Entertainment Corp. the net income for the quarter was $40.3 million or $1.27 per share which blew away average analysts estimate of 15 cents per share. The last time the stock traded above $5 was in February. The strong performance send the stock to the second best performer and nineth most heaviest traded on Nasdaq today with 39.6 million shares exchanged hands.
• VIVUS Inc.(VVUS): shares of Mountain View, CA based pharmaceutical company surged for the second straight session by gaining 24.19% or $1.04 to new 52 weeks high of $5.34 per share after the company annouced positive clinical trial result with its weight-loss treatment product in the previous session. The stock is the fourth leading gainer on Nasdaq today with 6.5 million shares traded or 27 times average volumn.

Stocks Drop on Heavy Volumn:

• Escala Group Inc. (ESCL): shares of New York based global collectibles auction house plunged for the third straight session by dropping additional 33.74% to new 52 weeks low of $4.34 per share on probe of alleged fraud at the company's offices in Spain. Moreover the stock has dropped another 9% to $3.95 per share in afterhour. In the previous two sessions the stock has dropped 61% and 44% respectively. So far the stock has lost 86% in just three days. The stock was again the biggest loser on Nasdaq today with new record volumn of 9.7 million shares traded, about 19 times average volumn.
• Avanex Corp. (AVNX): shares of Santa Clara, CA based energy efficient CPU maker tumbled 15.45% or 36 cents to $1.97 after the company posted quarterly report. The stock was the sixth leading decliner on Nasdaq today with 22.9 million shares traded, the seventeenth heaviest traded on Nasdaq.