Thursday's Early Winners & Losers

Shares of Lionsgate Entertainment(LGF Quote) rose in late trading Wednesday after the independent film studio posted fiscal-year results that topped analysts' expectations, though earnings were down sharply from a year earlier. The company, which didn't break out fourth-quarter results in its news release, said earnings for the year ended March 31 fell to $6.1 million, or 6 cents a share, from $29.2 million, or 21 cents a share, a year earlier. Revenue jumped 13% to $951.2 million. Analysts polled by Thomson First Call predicted earnings of 4 cents a share for the year, with revenue of $897.3 million. Shares gained 24 cents, or 2.8%, to $8.90 after hours.

Shares of General Mills (GIS Quote) rose after the food company lifted its earnings projection for its recently ended fiscal year. The company expects to report earnings of $2.90 a share for the year ended May 28, up from its earlier guidance for earnings of $2.80 to $2.85 a share. Both the current and prior forecasts included an 8-cent charge tied to convertible debt accounting. Analysts polled by Thomson First Call expect earnings of $2.95 a share, before items. General Mills attributed the improved estimate to a "modestly above-target" operating performance and a tax benefit of 3 cents a share recorded in the fourth quarter.

For fiscal 2007, General Mills is targeting low-single-digit sales growth and mid-single-digit growth in segment operating profits. The company noted that its EPS growth will be hurt by the adoption of stock-options expensing, higher interest expense and an increase in its tax rate. Shares rose 60 cents, or 1.2%, to $52.06 in after-hours trading.

UTStarcom(UTSI Quote) stumbled after the telecom-equipment maker said it asked the Nasdaq-listing qualifications panel for an additional seven-day extension to file its first quarter report. The company said it needs additional time to "complete its quarterly close process." UTStarcom now expects to file the quarterly report on, or about, June 22. In May, the company said it would restate its financial reports for most of the last three years after an internal audit discovered bookkeeping errors. UTStarcom said independent auditors had found a total of $49.6 million in misbooked revenue and about $11.8 million in net income that needed to be erased from past financial records. Shares fell 20 cents, or 3.3%, to $5.82 in late trading.