Stock On The Move - May 24

Stocks Rise on Heavy Volumn:

• Pacificnet Inc. (PACT): shares of gaming and CRM services provider in China, Hong Kong, Macau and Taiwan jumped 35.26% to $5.32 per share after the company reported first profitable quarter. The stock was the leading gainer on Nasdaq today with 3.61 million shares traded.
• La Jolla Pharmaceutical Co. (LJPC): shares of San Diego, CA based biotechnology company rose 9.14% to $5.97 per share on positive data on several studies of its lupus drug. The stock was the nineth best performer on Nasdaq today with 7.44 million shares traded.

Stock Drop on Heavy Volumn:

• Network Appliance Inc.(NTAP): shares of data storage solution provider plunged 16.55% to $31.76 per share after the company issued fiscal first quarter outlook below Wall Stree projections. The stock was the fourth leading decliner and the seventh heaviest traded on Nasdaq today with 43.6 million shares traded.
• Komag Inc.(KOMG): shares of San Jose, CA based data storage disks provider tumbled 15.83% to 52 weeks low of $23.18 per share on downgrade after the company said its second quarter revenue may miss the forecast due to weaker sale. The stock was the fifth leading decliner with 6.66 million shares traded.