Shares of Charles & Colvard ( CTHR - Get Report) sank 17% in late trading Monday after the company projected a drop in first-quarter sales. The company, which makes a jewel called moissanite, expects sales of $7.5 million to $8.4 million, roughly 25% to 33% lower than $11.2 million last year. Two analysts polled by Thomson First Call have an average estimate for $12 million in sales.

The company said the lower sales view is based on decreased orders from moissanite jewelry manufacturer K&G Creations. K&G has seen fewer orders at Finlay's, which leases department store jewelry counters, as a result of Federated Department Stores' purchase of May Department Stores, Charles & Colvard said.

Separately, the company said its board of directors authorized the repurchase of up to 1 million shares over the next 12 months. As of March 15, Charles & Colvard had about 18.3 million shares of common stock outstanding. The company's shares tumbled $2.58, or 19%, to $10.90 in after-hours trading.

Luby's ( LUB - Get Report) shares were lower after the restaurant operator posted second-quarter earnings that missed Wall Street's expectation. For the quarter ended Feb. 15, the company earned $3.3 million, or 12 cents a share, up from $2.6 million, or 10 cents a share, a year earlier. Sales rose to $75 million from $71 million, while same-store sales increased 6.7%. Two analysts had an average estimate for earnings of 16 cents a share and sales of $73.8 million. Shares fell $1.61, or 10%, to $14.30 in late trading Monday.

Manitowoc ( MTW - Get Report) raised its 2006 earnings forecast amid strong first-quarter results, sending shares higher in late trading. The maker of lifting equipment said it expects first-quarter earnings to be at least 20 cents above analysts' average estimate, which currently stands at 62 cents a share, according to First Call. For the full year, Manitowoc raised its earnings forecast to a range of $3.75 to $4 a share from its previous projection of $3.30 to $3.60. The forecast includes 15 cents a share in stock-options expense. Analysts expect earnings of $3.65 a share, before options costs. Manitowoc shares advanced $3.15, or 3.9%, to $85 in after-hours trading.

TransMontaigne ( TMG) shares jumped after the Denver-based refined petroleum products company said it agreed to be acquired by privately held SemGroup. TransMontaigne shareholders will receive $9.75 a share in cash, a 7.6% premium over Monday's closing price of $9.06. TransMontaigne shares have jumped since last week, when Morgan Stanley ( MS - Get Report) offered to buy the company for $8.50 a share. TransMontaigne shares soared 75 cents, or 8.3%, to $9.81 after hours.

Panacos Pharmaceuticals ( PANC) fell after the company said it filed a shelf registration statement with the Securities and Exchange Commission to sell up to $100 million in equity securities. The company said it intends to use the proceeds from the sale of any securities to fund its internal discovery and development programs, including the clinical development of its HIV therapeutic drug candidate PA-457. Shares dropped 37 cents, or 4.7%, to $7.50 in late trading.