Shares of

Apollo Group

(APOL)

were among the

Nasdaq's

losers Wednesday, tumbling 18% after the education company posted disappointing fourth-quarter results and said that its ongoing stock-option review has revealed deficiencies.

For the period ended Aug. 31, the company earned $93.5 million, or 54 cents a share, on revenue of $624.2 million. Analysts polled by Thomson First Call expected earnings of 66 cents a share and revenue of $633.3 million. A year earlier, Apollo earned $106.2 million, or 58 cents a share, on revenue of $591.8 million.

As for the options review, the company said that the accounting impact of the issue hasn't been quantified. "There can be no assurances that the results of the investigation will not require a possible restatement of the company's financial statements when the potential errors are quantified and assessed," Apollo said. Shares recently were trading down $8.76 to $39.92.

Illinois Tool Works

(ITW) - Get Report

slid 4% after the diversified manufacturer posted third-quarter earnings that missed expectations. The company earned $446.1 million, or 78 cents a share, compared with analysts' estimate of 80 cents. Revenue totaled $3.54 billion, matching Wall Street's target. During the year-earlier quarter, the company earned $408.2 million, or 72 cents a share, on revenue of $3.2 billion.

For the fourth quarter, Illinois Tool anticipates earnings of 77 cents to 81 cents a share. Analysts project earnings of 80 cents a share. Shares were trading down $1.85 to $47.65.

Shares of

O'Charley's

( CHUX) dropped 11% after the restaurant operator lowered its third-quarter earnings projection. The company expects to post earnings of 9 cents a share, down from an earlier view of 11 cents to 16 cents a share. Analysts project earnings of 14 cents a share. The company said that results were hurt by a decline in same-store sales, as well as higher-than-expected repair, maintenance and legal expenses.

Looking ahead, O'Charley's sees fourth-quarter earnings of 26 cents to 31 cents a share. Analysts, on average, forecast earnings of 29 cents a share. Shares were trading down $2.22 to $18.89.

Ivanhoe Mines

( IVN) vaulted 32% after the miner received a big investment from London's

Rio Tinto

( RTP). Rio Tinto will sink $303 million into Ivanhoe to get access to a Mongolian copper-gold mine. The company could end up taking a stake as big as $1.5 billion, Ivanhoe said. Shares of the Vancouver-based company were trading at $8.68, up $2.15.

Shares of

Healthways

(HWAY)

surged 13% after the company offered a stronger-than-expected guidance for fiscal 2007. For the fourth quarter ended Aug. 31, the company earned $14 million, or 38 cents a share, up from the year-ago $8.3 million, or 23 cents a share. Analysts predicted earnings of 37 cents a share. Earlier this month, Healthways had cuts its profit forecast for the period, predicting earnings of 36 cents to 38 cents a share. The company's revenue for the quarter rose to $114.9 million from $87.6 million a year earlier.

For fiscal 2007, Healthways forecast earnings of $1.44 to $1.61 a share on revenue of $667 million to $701 million. Analysts forecast a profit of $1.48 a share and revenue of $512 million. Shares were trading up $5.16 to $44.47.

Piper Jaffray

(PJC) - Get Report

rose 6% after the financial services company posted better-than-expected third-quarter results. The company reported earnings from continuing operations of $9.5 million, or 50 cents a share, on revenue of $116.1 million. Analysts expected earnings of 45 cents a share and revenue of $102 million. A year ago, Piper Jaffray earned $10.9 million, or 57 cents a share, on revenue of $120.1 million. Shares were trading up $3.72 to $65.89.

Shares of

Amphenol

(APH) - Get Report

rose 3% after the maker of electronic connectors and cables posted solid third-quarter earnings and offered a higher-than-anticipated guidance. For the third quarter, the company earned $66.7 million, or 73 cents a share, on revenue of $636.4 million. Excluding items, earnings were 77 cents a share. Analysts expected earnings of 71 cents a share, before items, on revenue of $601.3 million. During the year-earlier period, the company earned $52.1 million, or 57 cents a share, on revenue of $447 million.

Amphenol sees fourth-quarter earnings of 80 cents to 82 cents a share, with revenue of $640 million to $650 million. Analysts expect earnings of 77 cents a share and revenue of $624.1 million. Shares were trading up $2.09 to $66.99.

NYSE

volume leaders included

Motorola

( MOT), down $1.22 to $23.63;

Fannie Mae

( FNM), up 46 cents to $58.96;

Nokia

(NOK) - Get Report

, up 21 cents to $20.09;

IBM

(IBM) - Get Report

, up $4.55 to $91.50;

General Electric

(GE) - Get Report

, up 14 cents to $35.70; and

EMC

(EMC)

, down 37 cents to $12.33.

Nasdaq volume leaders included

Intel

(INTC) - Get Report

, up 38 cents to $21.28;

Yahoo!

(YHOO)

, down 40 cents to $23.75;

Level 3 Communications

(LVLT)

, down 19 cents to $5.83;

Siga Technologies

(SIGA) - Get Report

, up $2.98 to $4.95;

Applied Materials

(AMAT) - Get Report

, down 68 cents to $18;

Microsoft

(MSFT) - Get Report

, up 17 cents to $28.61;

Cisco Systems

(CSCO) - Get Report

, down 14 cents to $24.34;

Endo Pharmaceuticals

(ENDP) - Get Report

, down $4.57 to $29.34; and

Sun Microsystems

(SUNW) - Get Report

, up 5 cents to $5.20.