Shares of

Great Atlantic & Pacific Tea

( GAP) rang up higher in late trading Tuesday after the operator of the A&P grocery store chain declared a special cash dividend of $7.25 a share. Based on the current shares outstanding, the payout would total about $300 million. The dividend is payable April 25 to shareholders of record as of April 17. The transaction will be funded primarily by cash available as a result of the company's restructuring last year. Shares rose $2.87, or 8.2%, to $38 in after-hours trading.

First Marblehead

(FMD)

shares jumped after the lender said it signed a two-year agreement to securitize

Bank of America

(BAC) - Get Report

-originated private student loans. First Marblehead said the deal, an exclusive agreement that was due to expire next month, extends through May 31, 2008. First Marblehead said the agreement amends the marketing fee and loan premium due to Bank of America and offers a pricing incentive for Bank of America should volume exceed a specified threshold. First Marblehead shares had been hit in November after the company said Bank of America opted out of an automatic renewal of the contract. Shares gained $3.71, or 8.4%, to $48.02 after hours.

Mercury Computer

(MRCY) - Get Report

shares slipped after the maker of computer systems and software put its third-quarter revenue below its prior forecast. The company estimates that revenue for the March quarter totaled $43 million to $44 million, below its guidance of $55 million to $58 million. Analysts polled by Thomson First Call were looking for the company to post revenue of $55.3 million. "The revenue shortfall can be mostly attributed to our defense business, where technical problems associated with third-party products occurred, and a multimillion-dollar system failed acceptance testing of newly introduced functionality," said Jay Bertelli, president and CEO, in a statement. Mercury shares sank $1.04, or 6.3%, to $15.40 in after-hours trading.

Shares of

St. Jude Medical

(STJ)

tumbled after the medical device company lowered its first-quarter sales projections, citing lower-than-expected growth in the U.S. market for implantable cardioverter defibrillators. The company projects sales of $784 million, below its previously projected range of $799 million to $839 million. The company expects earnings of 35 cents to 36 cents a share for the quarter, including about 3 cents in stock-compensation expense. Analysts projected earnings of 39 cents a share on $827.5 million in sales. Revenue for all other product categories is expected to meet or slightly exceed previous guidance, St. Jude said. Shares lost $3.50, or 8.5%, to $37.80 in after-hours trading.

Dobson Communications

(DCEL)

shares rose after the Oklahoma City-based wireless communications company said it expects to report about 125,300 total gross subscriber additions for the first quarter, up from 122,600 in the fourth quarter and 122,000 for last year's first quarter. Dobson said net subscriber additions may exceed the high end of its guidance of 20,000 net subscriber additions for all of 2006. The company is expected to report full first-quarter results on May 10. Shares gained 23 cents, or 2.9%, to $8.25 in after-hours trading.