Tuesday's Late Winners & Losers

A few tech names, most prominently Palm (PALM Quote), were tripping on various bits of news after the closing bell rang Tuesday.

Shares of the Treo handset maker crumpled 11.5% after saying its fiscal third-quarter non-GAAP loss will probably widen sequentially to between 14 cents and 16 cents a share in the fiscal third quarter. Sales for the quarter, said the company, should range from $310 million to $320 million. Analysts polled by Thomson Financial are expecting a loss of 4 cents a share on sales of $358 million.

In the second quarter, the Sunnyvale, Calif., company swung to a narrower-than-expected loss of $7.8 million, or 7 cents a share, excluding items. Revenue ran down 11% to $349.6 million, missing consensus by a hair. Shares were off 68 cents to $5.25.

Also losing ground after hours was Take-Two Interactive Software (TTWO Quote), which offered a poor near-term outlook that countered improving results for the most recent quarter, as well as bullish long-term guidance. On a non-GAAP basis, the New York-based video-game publisher projected a loss of between 50 cents and 60 cents a share in the current quarter, a far steeper shortfall than the 18 cents that Wall Street is expecting.

For the fiscal year, though, Take-Two offered an upside outlook of $1.30 to $1.50 a share, which would beat current estimates by at least 36 cents. In addition, its fiscal fourth-quarter loss narrowed sharply from last quarter to $7.1 million, or a dime a share, though that erases a year-ago profit. Analysts were expecting a far bigger loss of 23 cents a share.

Still, shares were recently off 3.2% to $17.45 in late trading.

And Minnesota's ADC Telecommunications (ADCT Quote), a communications-equipment maker, lost 5% to $16.84 after announcing plans to offer $400 million in convertible subordinated bonds, half due 2015 and the other half due 2017. Underwriters will have an option for another $25 million worth to cover any overallotments.

Roughly half of the proceeds will be used to repay other bonds that are set to mature next year. The remainder is slated for general corporate purposes or, possibly, for paying off more debt.

Propelling upward, however, was Chemtura (CEM Quote), shares of which ballooned 19.4% after the Middlebury, Conn., specialty-chemicals maker said it is considering selling itself as part of a "review of strategic alternatives." Other possibilities here include "select business divestitures, value-creating acquisitions, [and] changes to the company's capital structure." The company has tapped Merrill Lynch's services in this. Shares were bouncing $1.38 to $8.50.

Elsewhere, TD Ameritrade (AMTD Quote) added 3.9% to $20.15 after the Omaha, Neb., online broker pushed its current-quarter outlook up to 39 cents a share from the prior range of between 27 cents and 33 cents. The Street has quarterly income at 32 cents a share, less extraordinary items.

And CV Therapeutics (CVTX Quote) booked some lightly traded gains after the Food and Drug Administration approved new labeling for its Ranexa chronic-angina drug.

The new language "describes the ability of ranolazine to inhibit the late sodium current at therapeutic levels," since published data on ranolazine's mechanism has suggested that too much sodium in cardiac cells can lead to heart problems during ischemic episodes (which generally refers to blood being blocked from flowing to a particular organ or body part).

Late sodium current inhibition, on the other hand, "has been shown to improve mechanical and electrical dysfunctions of cardiac cells under these circumstances," said CV. Shares of the Palo Alto, Calif., company were most recently up 3.4% to $9.50 in after-hours trading.