Mentor Graphics ( MENT) rose 6% in late trading Wednesday after the electronic hardware and software design company said it expects fourth-quarter revenue to exceed Wall Street's target.

Mentor projected revenue of $220 million, which would beat Thomson First Call's average analyst estimate of $218 million. The company noted that it expects to be profitable for the quarter. Mentor also reiterated its forecast for 2006 revenue of $755 million. Shares rose 68 cents to $11.78 in after-hours trading.

Shares of Apollo Group ( APOL) fell after the company announced the resignation of Chief Executive Todd Nelson. The company, which runs higher-education programs for adults, named Chief Operating Officer Brian Mueller president. John Sperling, a company founder, was named interim executive chairman. Apollo Group dropped $4.65, or 7.5%, to $57.50, in after-hours trading.

Guitar Center ( GTRC) hit some higher notes in after-hours trading after the company posted a 4.6% rise in fourth-quarter same-store sales. The musical instrument retailer's net sales for the period grew 20% to $562 million from $468.9 million a year ago. Wall Street expected sales of $560 million. Shares of Guitar Center were up 52 cents, or 1.01%, to 52.10 in after-hours trading.

Shares of Borders Group ( BGP) climbed in late-hours trading after the bookstore chain raised its earnings projection for the fourth quarter. Citing strong book sales, the company said it now expects earnings of $1.70 to $1.80 a share, up from its previous estimate of $1.60 to $1.80 a share. The estimate includes costs of about 6 cents a share. Analysts were looking for fourth-quarter earnings of $1.70 a share. Borders rose 83 cents, or 3.7%, to $23.24 after hours.

Corrections Corp. of America ( CXW), a provider of prison management services to government agencies, said the Federal Bureau of Prisons will not renew its contract for the 1,500-bed Eloy Detention Center in Eloy, Ariz. The company said it did not believe the Bureau of Prison's decision will affect other contracts between the company and the bureau.

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