Thursday's Late Winners & Losers

Shares of Cognos (COGN Quote) dropped on soft guidance. The application-software developer said fiscal-first-quarter non-GAAP earnings should range between 28 cents and 33 cents a share -- at least 4 cents short of Wall Street targets -- and fiscal 2008 income guidance, at $1.98 to $2.05 a share, leans slightly to the lower end of consensus. The Canada-based company was losing $1.85, or 4.6%, to $38.10.

Red Hat (RHT Quote), a software-services provider, met fiscal fourth-quarter profit targets but was just shy of revenue expectations, posting a top line of only $111.1 million. Analysts were looking for $112.5 million. Shares of the Raleigh, N.C.-based firm dropped some 4% on the post-bell news but have since recovered, moving up $1.17, or 5%, to $24.31 in recent after-hours trading.

Asset manager W.P. Stewart (WPL Quote) slipped after cutting its per-share dividend to 15 cents from 23 cents previously, kicking off a new dividend policy that dictates smaller payments in the first three quarters and a final amount based on that year's cash earnings. The Bermuda-based firm will also incur an 11-cent per-share charge in the first quarter due to employee terminations. Shares were down 25 cents, or 2.3%, to $10.75 in recent after-hours trading.