Today's Early Winners and Losers

Shares of Great Atlantic & Pacific Tea(GAP Quote) rang up higher in late trading Tuesday after the operator of the A&P grocery store chain declared a special cash dividend of $7.25 a share. Based on the current shares outstanding, the payout would total about $300 million. The dividend is payable April 25 to shareholders of record as of April 17. The transaction will be funded primarily by cash available as a result of the company's restructuring last year. Shares rose $2.87, or 8.2%, to $38 in after-hours trading.

First Marblehead(FMD Quote) shares jumped after the lender said it signed a two-year agreement to securitize Bank of America(BAC Quote)-originated private student loans. First Marblehead said the deal, an exclusive agreement that was due to expire next month, extends through May 31, 2008. First Marblehead said the agreement amends the marketing fee and loan premium due to Bank of America and offers a pricing incentive for Bank of America should volume exceed a specified threshold. First Marblehead shares had been hit in November after the company said Bank of America opted out of an automatic renewal of the contract. Shares gained $3.71, or 8.4%, to $48.02 after hours.

Mercury Computer (MRCY Quote) shares slipped after the maker of computer systems and software put its third-quarter revenue below its prior forecast. The company estimates that revenue for the March quarter totaled $43 million to $44 million, below its guidance of $55 million to $58 million. Analysts polled by Thomson First Call were looking for the company to post revenue of $55.3 million. "The revenue shortfall can be mostly attributed to our defense business, where technical problems associated with third-party products occurred, and a multimillion-dollar system failed acceptance testing of newly introduced functionality," said Jay Bertelli, president and CEO, in a statement. Mercury shares sank $1.04, or 6.3%, to $15.40 in after-hours trading.