My Stock of the Day is Redback Networks (RBAK).

The stock gapped higher yesterday on a huge spike in volume, and is adding to its gains today with another +6% move.

The company recently won a big network contract in China, and this could lead to more business in the region, where telecom companies are spending to upgrade their networks and add broadband, IPTV, and VPN services.

The stock is bumping in to its overhead 200-day moving average, which will likely present some resistance. Beyond that, the stock still has room to run before it gets back above the $24 level, where it reached back in June.

Other stocks making notable, high-volume moves include:

• BCS
• MDCO
• PAY
• NHWK
• BWLD
• FFIV
• FFH
• OII
• BIDU
• CENT
• CBST
• SHOO
• LQDT
• XLNX
• BCG
• ECOL
• NDE

long RBAK