Monday's Late Winners & Losers

Adobe Systems (ADBE Quote) helped lead the after-hours gainers Monday, spiking 4.3% in active trading on solid earnings and guidance.

The application software giant posted fiscal third-quarter, non-GAAP income of $269.4 million, or 45 cents a share, to come in 4 cents ahead of Thomson Financial's analyst estimates. Revenue, at $851.7 million, tops the consensus by $62.4 million.

The San Jose, Calif.-based company also pegs its fourth-quarter profit at between 46 cents and 48 cents a share, or at least 2 cents above consensus. Shares gained $1.85 to $44.91 after the close.

Move (MOVE Quote), which operates the Move.com real-estate-listings Web site, said it will buy back up to $50 million of its shares over the coming year. Shares of the Westlake Village, Calif. company leapt 13.6% to $3.25.

In the red, meanwhile, were a couple of financial names. Online broker E*Trade (ETFC Quote) slid 6.6% after saying it will exit or restructure "non-core businesses that lack a direct and strategic connection with its retail customers," including a departure from wholesale mortgage.

As a result of this, as well as an increased loan-loss provision (blamed on credit-market disruptions), the New York-based firm ratcheted down its EPS guidance to between $1.05 and $1.15 a share (on a GAAP basis) vs. the prior range of $1.53 to $1.67. Shares surrendered 94 cents to $13.27 in recent late trading.

Meanwhile, subprime mortgage lender Novastar Financial (NFI Quote) plummeted 16.6% on word it won't declare the dividend it had previously planned, thus ensuring the termination of its status as a real estate investment trust. Preserving that status would have required it to distribute $157 million of its 2006 taxable income.

The Kansas City, Mo.-based company blamed this development on the massive decline in its market-capitalization over the past few months and on its liquidity struggles, among other things. Its REIT status will end retroactive to January 1, 2006. Shares sank $1.37 to $6.87.