Shares of Charles & Colvard ( CTHR) 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' ( FD) 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) 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) 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.