Shares of

Nanometrics

(NANO) - Get Report

surged 10% in late trading Wednesday after the company raised its first-quarter revenue projection.

The company, a maker of process-control metrology systems for chip companies, said it now expects first-quarter revenue to be 25% higher than its fourth-quarter sales of $14.2 million. In February, Nanometrics projected revenue would increase 15% to 20%. Analysts polled by Thomson First Call had forecast revenue of $16.7 million, or an 18% rise. The company will report its first-quarter results on April 25. Shares gained $1.26 to $14.30 after hours.

Spansion

( SPSN) advanced after the flash memory maker posted a narrower-than-expected first-quarter loss and provided a second-quarter guidance above Wall Street's expectation. The company reported a loss of $52 million, or 40 cents a share, for the quarter ended March 26, narrowed from $109 million, or $1.50 a share, a year ago. Results for the latest quarter include pretax stock-based compensation charges adding up to about $8 million. Revenue rose to $561.9 million from $433.2 million. Analysts, on average, expected a loss of 44 cents a share and sales of $578.4 million.

For the second quarter, Spansion forecast revenue of $590 million to $620 million, surpassing analysts' expectations of $569.4 million. Shares rose $1.27, or 7.8%, to $17.49 after hours.

Lam Research

(LRCX) - Get Report

advanced after the chip-equipment maker reported third-quarter results that topped Street estimates. For the quarter ended March 26, the company earned 60 cents a share, or $86.3 million, up from $59.5 million, or 41 cents a share, in the year-ago quarter. Excluding items, Lam Research earned $93.7 million, or 65 cents a share, topping analysts' mean estimate by 3 cents. Revenue rose 22% to $437.4 million from $349.34 million last year, beating Wall Street's estimate of $424.3 million. CEO Stephen Newberry said that "market share gains and solid execution drove strong results for the March quarter." Shares rose $2.16, or 4.8%, to $46.87 in after-hours trading.

Shares of

Investors Financial Services

( IFIN) fell after the Boston-based bank holding company's first-quarter results failed to impress investors. The company said it earned $37.4 million, or 56 cents a share, down from $40.9 million, or 60 cents a share, a year ago. Revenue grew to $192.8 million from $167.8 million a year ago. Analysts were looking for earnings of 56 cents per share and revenue of $179.8 million.

Investors Financial continues to expect 2006 earnings of $2.32 to $2.37 a share. Wall Street is looking for earnings of $2.33 a share. The company projects net operating revenue will grow 11% to 14% over 2005. Shares shed $1.53, or 3.1%, to $47.80 in late trading.

SanDisk

(SNDK)

shares jumped after Standard & Poor's said the flash memory company will replace

Chiron

( CHIR) in the

S&P 500

index. Chiron is being acquired by

Novartis

(NVS) - Get Report

in a deal that is pending final approval.

Scientific Games

(SGMS) - Get Report

, a gaming and lottery products company, will replace SanDisk in the S&P MidCap 400. SanDisk shares advanced $4.48, or 7.5%, to $63.95 after hours, while Scientific Games tacked on $1.38, or 3.9%, to $36.50.