Novastar Financial

( NFI) continued its downward spiral from last night's after-hours plummet, dropping more than 42% on news the subprime lender lost $11.9 million from continuing operations in the latest quarter. It also announced it may shed its status as a real estate investment trust. Shares were losing $7.49 to $10.06.

Scottish Re

(SCT)

plunged some 22% after the Bermuda-based insurer swung to a hefty fourth-quarter operating loss of $228.4 million, or $3.77 a share, compared with year-ago profits of $50.8 million, or $1.03 a share. Its stock was falling 99 cents to $3.42.

Apollo Investment

(AINV) - Get Report

slipped after a Banc of America analyst downgraded the New York-based firm to neutral from buy. Shares were off 73 cents, or 3%, to $23.39.

Pension Worldwide

( PNSN) spiked more than 9% after the Dallas-based firm posted a fourth-quarter operating profit of $7.7 million, or 30 cents a share, topping estimates by 2 cents. Year-ago earnings totaled $2.5 million, or 14 cents a share. Revenue climbed 37% to $79.4 million. Shares were up $2.72 to $32.59.

New York Stock Exchange

(NYX)

was gaining on word it's interested in the cash-market unit of German exchange

Deutsche Boerse

. Shares were adding $2.03, or 2.2%, to $93.21.