Monday's Late Winners & Losers
The tumbleweeds were blowing after Monday's market close. Amid the very thin trading, however, Luminent Mortgage (LUM) was among those in the green after making a huge recovery late in the regular session. The struggling mortgage-investment firm gained another 2.9% after hours to $1.75 after saying Arco Capital granted it a one-month loan for about $18.25 million.
The loan, which San Francisco-based Luminent is getting under interim agreements relating to last week's letter of intent for a bailout agreement with the specialty finance firm, can be extended to yearlong maturity at Arco's discretion.
Shanda Interactive Entertainment (SNDA) posted non-GAAP second-quarter income of $31.3 million, or 42 cents per American depositary share. Analysts polled by Thomson Financial were looking for just 36 cents per ADS. The company, which develops and operates online games in China, recently added 1.3% to $31.10.
Elsewhere in tech, Oplink Communications (OPLK) announced a $40 million share-repurchase authorization to replace a prior buyback program. Shares of the Fremont, Calif., semiconductor concern rose 3.9% to $13.58.On the other hand, information-technology firm Streamline Health Solutions (STRM), of Cincinnati, saw a sizable earnings drop to $29,000 (non-GAAP), or break-even per share. Year-ago earnings were $215,000, or 2 cents a share, and the sole analyst's estimate called for 8 cents a share. Streamline stock lately gave up 65 cents, or 18.6%, to $2.85. Finally, Coachmen Industries (COA) -- which makes recreational vehicles, systems-built homes and commercial buildings -- is suspending its 3-cent quarterly dividend. The Elkhart, Ind., company cited "the roiling of the housing markets due to the subprime-mortgage crisis, as well as other uncertainties," regardless of its "sound" balance sheet and "more than $40 million" in available credit. Shares ticked down 1.7% to $7.35.
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