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Tuesday's Early Winners & Losers

Wireless Facilities (WFII) tumbled 14.8% in after-hours trading Monday after announcing that there's a "strong likelihood" it will need to restate results from 1998 through 2003, based on preliminary findings from an ongoing internal stock-option grant review. The San Diego-based firm will delay filing its year-end 2006 financials until the review is finished. Shares of the wireless-communications services firm were falling 31 cents to $1.79 in recent extended trading.

TransAct Technologies (TACT) dropped after Chief Executive Bart Shuldman issued a nonspecific "cautious outlook" for the coming year, citing decelerating slot-machine orders from casinos. The company blames this on "anticipation of the expected upgrade cycle for server-based gaming," and additionally believes that pending casino privatizations may contribute to the slowdown.

Despite swinging to a fourth-quarter profit that beat expectations, the Wallingford, Conn.-based small-cap was losing $1.02, or 10.9%, to $8.37.

Panacos Pharma (PANC) declined after announcing a more cautious phase IIb study of bevirimat for HIV treatment, the first cohort of which yielded disappointing results due to poor drug delivery. The next few cohorts will go back to the oral-liquid formulation used in the phase IIa studies and test fewer patients for shorter amounts of time (14 days) with increasing dosages.

When the optimal dosage is determined, Panacos will conduct extended-dose cohorts. Panacos expects pivotal trials of the drug to begin sometime in 2008. Shares of the Watertown, Mass., company were off 46 cents, or 10.8%, to $3.79.

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