Shares of

Peru Copper

( CUP) were sinking 25% after the company said another mining concern,

Southern Copper

( PCU), submitted what it called a "frivolous" takeover bid.

Peru Copper had asked the American Stock Exchange and the Toronto Stock Exchange on Wednesday to halt trading in its shares. The company said it was "concerned about unusual trading activity" in light of Southern Copper's comments. Peru Copper said it believes that Southern Copper "had no intention of making a legitimate bid."

Shares of Peru Copper were losing $1.67 to $5.05. Southern Copper was down $6.18, or 7.7%, to $74.54.

Parlux Fragrances

( PARL) dropped after the Fort Lauderdale, Fla., company was downgraded by Wedbush Morgan to hold from strong buy. The analyst's report said the reason for the downgrade was due to "reduced visibility" on the recent launches of the Paris Hilton line of accessories, "which appear to have only gained minor distribution in the U.S."

The report also said that because the firm expected the product line to be a key driver of revenue and earnings growth in fiscal 2007, shares of Parlux might not see "meaningful appreciation" in the short term. Shares of Parlux fell $3.09, or 12.8%, to $21.01.

Luby's

(LUB) - Get Report

advanced after the Houston-based restaurant chain saw its third-quarter earnings rise. The company reported income of $6.9 million, or 25 cents a share, up from $3.7 million, or 15 cents a share, a year ago. Excluding a one-time income tax benefit of $2.5 million, the profit in the most recent quarter was $4.4 million, or 16 cents a share. Sales rose 3.4% to $78 million, and same-store sales increased 4%.

"While we are pleased with our continued sales increases, we remain focused on managing costs," Chris Pappas, president and CEO, said in a statement. "The cost environment for restaurant operators has become more challenging over the past year, especially due to energy cost increases that are affecting customers, vendors and restaurant operations." Shares of Luby's gained 80 cents, or 7.8%, to $11.10.

Comtech Telecommunications

(CMTL) - Get Report

saw its shares rise a day after the company posted earnings that beat Wall Street's estimates. Sales for the third quarter rose to $89 million from $75.4 million for the same period a year ago.

Before items, Comtech earned $9.7 million, or 37 cents a share. Including items, the company had a profit of $8.7 million, or 33 cents a share, compared with $8.4 million, or 32 cents a share, last year.

Comtech also said that "although it is premature to provide specific revenue and earnings guidance for next year, current signs are that fiscal 2007 should also be a record year, our fifth in a row." Shares rose $2.29, or 7.4%, to $33.37.

Finisar

(FNSR) - Get Report

was plunging, even though the Sunnyvale, Calif., optical-component maker swung to a fourth-quarter profit and met analysts' estimates.

The company said after the close Wednesday that it earned $1.7 million, or 1 cent a share, compared with a loss of $37.8 million, or 15 cents a share, a year ago. Revenue totaled $102.4 million, up 37% from a year ago. Excluding items, the company earned 3 cents a share, matching Wall Street's expectations.

Shares of Finisar were down $1.05, or 23.5%, to $3.42.