Tuesday's Early Winners & Losers

Systemax falls on a fourth-quarter margin and operating income slip.
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Systemax

(SYX) - Get Report

, which directly markets computer and industrial products, plummeted nearly 23% in after-hours action Monday after its fourth-quarter operating income fell sharply to $11.3 million from last year's $18.5 million. Gross margins fell 1.8 points year over year, to 12.9%. The Port Washington, N.Y., company blames these figures on discounts for computer and consumer-electronics products. Net income was up dramatically, and sales rose; however, shares were falling $5.27 to $17.99.

ViroPharma

(VPHM)

slipped after the Exton, Pa., biotech said it will offer $200 million in convertible senior bonds, with an underwriter's option for an additional $30 million to cover overallotments. Shares were down 40 cents, or 2.6%, to $14.80.

Rambus

(RMBS) - Get Report

jumped nearly 7% after the Federal Trade Commission granted a provisional stay for portions of a remedy it issued last month regarding royalties the chipmaker can collect on certain of its licensed products -- which the FTC had capped at less than 1% for the next three years, after which royalties would be barred entirely.

During the stay, which is effective as soon as Rambus files an appeal, the company can be paid royalties above those caps on SDRAM and DDR SDRAM products. The FTC also stated that Rambus can still collect royalties for "use of its technologies in the past" and doesn't need to refund any royalties it has already been paid. Shares of the Los Altos, Calif., company were up $1.31 to $21.14.

Ballard Power Systems

(BLDP) - Get Report

gained after the Canada-based company won a contract from the U.S. Department of Defense valued at up to $5.9 million. Ballard will be paid about half of that amount directly, in order to further develop its proton exchange membrane fuel-cell technology for use by the U.S. military, as well as for wider commercialization. Shares were rising 25 cents, or 4.5%, to $5.80.