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Nearly 8 million shares changed hands Thursday, making it the most actively traded stock on the Nasdaq. That comes on the heels of a 6. million share volume day Wednesday and volume of nearly .6 million shares on Monday. (And as of 1 p.m. Friday, more than million shares had traded already.)


Now its one thing for the likes of Microsoft, Cisco and Oracle to see that kind of volume. Each company has more than 5 billion shares outstanding. Xybernaut has just 15 million, so more than half of the companys shares changed hands Thursday.


A flurry of announcements


Xybernaut, which has been around since 10, makes wearable computers that have been primarily used in the retail and transportation industries. Xybernauts main product is the Mobile Assistant, which is essentially a tiny personal computer that can be worn on the head and has a screen that fits over the eye for easy viewing of information.


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The market, however, is far from new and is still fairly small. Tim Shea, an analyst with tech research firm VDC, said that total wearable computing sales were about $100 million in sales last year and estimates that the market will grow to $560 million by 006.


For the most part, wearable computing has been big in the retail and transportation industries. Small wrist mounted computer and finger mounted bar code scanners are often used in warehouses for tracking purposes.


But it appears that several new contract wins for Xybernaut are behind the stocks rise lately. On September , Xybernaut announced that the technology arm of railroad company CSX bought an undisclosed number of Xybernauts Atigo mobile computers.


A day later, Xybernaut announced that it was partnering with Golden Cellular Communications, a Chinese technology company, to develop wearable computing products for the Chinese market.


But what really caused a big spike in the stock was when the company announced that it was awarded a $1.6 million services contract by the U.S. Department of Defense on September 10 to develop wearable computers for military aircraft. The stock surged nearly 16 percent that day on volume of more than 51.5 million shares.


Now a $1.6 million purchase order may not sound like a lot, but for Xybernaut, which had annual revenue of just $10 million in 00 and sales of only $4.6 million in the first half of this year, it is a big deal. In addition, the company announced earlier this week that it had received an additional $510,000 contract from the DOD for hardware.


But is it justification for this kind of attention? Xybernaut may be the only publicly traded pure play in this area, but it is not alone. Competitors include larger companies Symbol, Panasonic and Raytheon.


Still losing money


Xybernaut has not reported a profit since its inception. Losses have narrowed in the past few quarters -- Xybernaut reported a loss of $. million in the second quarter, down from a $6.7 million loss in the same quarter a year ago -- and Xybernaut President Steve Newman said the company will continue to cut expenses in order to become profitable but would not give a specific timeframe for doing so.


There is little institutional ownership of the stock and Newman conceded that there probably were some momentum-oriented day traders getting involved with the stock. But he added that now that shares are trading well over $1, institutions are more likely to be interested in


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