Today's Early Winners and Losers

Shares of Shanda Interactive(SNDA Quote) tumbled 19% in after-hours trading Monday after the Chinese operator of online games posted fourth-quarter results that were far short of expectations. Shanda recorded a loss of $66.8 million, or 94 cents per American Depositary Share. The loss included an impairment charge totaling $64.6 million, or 90 cents per ADS, related to Shanda's 38% stake in South Korean online game company Actoz. Analysts polled by Thomson First Call expected earnings of 26 cents a share, before the charge. Shanda reported revenue of $44.7 million, down 16% from a year earlier and well below Wall Street's projection of $59 million. The company's shares sank $3.27 to $13.66 in late trading.

PDL BioPharma (PDLI Quote) advanced after the biopharmaceutical company posted better-than-expected fourth-quarter earnings and offered a sales forecast that topped projections. The company posted a net loss of $23.1 million, or 22 cents a share, narrowed from $14.6 million, or 15 cents a share a year earlier. Excluding certain items, earnings were $7.5 million, or 6 cents a share, while the comparable year-earlier loss totaled $11.9 million, or 12 cents a share. Total revenue surged to $83.7 million from $22.8 million. Analysts were expecting the company to post earnings of 5 cents a share, before items, and revenue of $88.5 million.

For 2006, the company projects total operating revenue of $405 million to $435 million, above Wall Street's forecast of $386.2 million. The company reported 2005 revenue of $276.9 million. Shares of PDL BioPharma gained 65 cents, or 2.1%, to $31.20 in after-hours trading.

Standard & Poor's reportedly will add Chesapeake Energy (CHK Quote) to the S&P 500 index. The natural gas concern will replace struggling auto-parts maker Dana(DCN Quote). Chesapeake shares rose $1.13, or 3.9%, to $30.05 in late trading.

Conseco (CNO Quote) shares rose in late trading even after the insurance company reported a fourth-quarter earnings decline that fell short of Wall Street forecasts. The company reported earnings of $67.6 million, or 42 cents a share, compared with $76.9 million, or 46 cents a share, a year earlier. Operating income rose 5% to $70.4 million, or 44 cents a share. Analysts expected operating earnings of 45 cents a share. Revenue fell to $1.08 billion from $1.11 billion a year ago.