Wednesday after hours
The following small-cap companies were making news in after-hours trading Wednesday:
Avici Systems Inc. (Nasdaq: AVCI) plunged $3.04, or 22.5%, to $10.50 on unusually heavy volume after the routing systems provider announced plans to transition away from core router development to focus on its new product initiative, Soapstone Networks. The company also announced a special dividend of $2 per share and released its first quarter financial results, which included a profit of $6 million, or $0.42 a share.
Shares of Brisbane, Calif.-based Cutera Inc. (Nasdaq: CUTR) were slightly lower in active after-hours trading today on the news that investors filed a class-action lawsuit against the company. The complaint alleges that Cutera and certain officers and directors violated federal securities law “by making false and misleading statements and omissions…” followed by “unusually large stock sales.” Shares were down $0.03, or 0.11%, to $27.98 on heavy volume.
Power-One Inc. (Nasdaq: PWER) fell $0.63, or 11.5%, to $4.85 in after-hours trading today after the power conversion products manufacturer issued lowered revenue guidance for the first quarter ended March 31. Camarillo, Calif.-based Power-One said its North American business did not achieve anticipated forecasts. The company will release full results on May 1. It then expects to report a net loss of about $0.14 per share on revenue of $124 million. Six analysts polled by Thomson First Call were expecting earnings per share of $0.01 on revenue of $129.6 million.
Shares of Aurora, Ontario-based Magna Entertainment Corp. (Nasdaq: MECA) sagged in after-hours trading today after voters overturned four separate actions that were previously approved allowing Magna’s proposed racetrack and mixed-use development in Dixon, Calif. Horse racetrack operator Magna said it is evaluating options regarding the potential future development of its Dixon land holding. The stock is down $0.16, or 4.5%, to $3.27.
Shares of drug delivery technology maker SurModics Inc. (Nasdaq: SRDX) dipped in after-hours trading today as the company posted fiscal second quarter earnings that came in below analyst estimates. The stock was down $0.40, or 1%, to $38.25.
Shares of Cost Plus Inc. (Nasdaq: CPWM) inched upwards on heavy volume late today after the specialty retailer announced it had executed a confidentiality and standstill agreement with Red Mountain Capital Partners LLC, which owns 9.8% of the Oakland, Calif., company. The stock was up $0.10, or 1%, to $10.
