Crown Media Holdings ( CRWN) dropped more than 6% after the Greenwood Village, Colo., company was downgraded by Jefferies & Co. to hold from buy.

Earlier this week, Crown Media, the owner and operator of the Hallmark Channel, made news after saying it planned to restate its cash flow financial statement for the third quarter of 2005. Shares fell 45 cents to $7.01.

Shoe Carnival ( SCVL) gained 9% after the Evansville, Ind., shoe seller beat Wall Street's fourth-quarter earnings expectations. The company reported a profit of $3 million, or 22 cents a share, up from $1.2 million, or 9 cents a share, a year ago. Sales rose 14% to $163.6 million. Same-store sales grew 11.7%.

Analysts polled by Thomson First Call were expecting, on average, for the company to post earnings of 21 cents a share on sales of $163 million. The company said it expects earnings for the first quarter to be in the range of 52 cents to 54 cents a share. For fiscal 2006, Shoe Carnival is projecting earnings of $1.65 to $1.75 a share. Shoe Carnival was rising $2.07 to $24.70.

Outdoor Channel Holdings ( OUTD) fell 5.5% after the Temecula, Calif., television network was downgraded by AG Edwards to hold from buy. The company is scheduled to host an investor conference call at 5 p.m. EST. Shares fell 61 cents to $10.43.

Covad Communications Group ( DVW) gained after the San Jose, Calif., company, which provides voice and data communications products and services, said EarthLink ( ELNK) will provide $50 million in financing that will be used for more network-building.

EarthLink will receive $10 million in common stock and $40 million in convertible debt due in 2011. Shares of Covad rose 12 cents, or 7.3%, to $1.77.

CT Communications ( CTCI) gained after the Concord, N.C., telecommunications-services company said it would receive $97 million from the sale of 10 of Palmetto MobileNet's wireless partnerships to Alltel ( AT).

The company, which expects to receive the $97 million over the next 10 days, said it retained the investment banking firm Stifel Nicolaus to assist it in evaluating possible uses of the proceeds. Shares advanced 82 cents, or 6.4%, to $13.72.

Novavax ( NVAX) received approval from a division of the National Institutes of Health for an additional commitment of roughly $1 million to fund the third year of a research program. Novavax is developing a novel HIV/AIDS viruslike particle vaccine as part of an NIH program. Novavax was up 44 cents, or 6.3%, to $7.44.

Patient Safety Technologies ( PST) said its SurgiCount Medical unit received Food and Drug Administration clearance to market and sell the Safety-Sponge system. Shares of Patient Safety were up 30 cents, or 9.8%, at $3.35.

8x8 ( EGHT), a provider of communications services, and Uniden American, a maker of wireless consumer electronics, announced the availability of the UIP160P co-branded Packet8/Uniden cordless VoIP phone at Home Depot ( HD) stores. 8x8 shares were higher by 18 cents, or 10.9%, at $1.83.

Titan Pharmaceuticals ( TTP) sank more than 15% after the company said it would sell about 3.08 million shares for $3.25 each to institutional investors. Titan sees gross proceeds of roughly $10 million. Shares of Titan were dropping 67 cents to $3.66.