Shares of Secure Computing ( SCUR) plummeted in late trading Tuesday after the network security-products maker cut its second-quarter projections. The company predicts revenue of $38.5 million to $39 million, down from its May guidance of $43 million to $45 million.

Secure Computing expects to report a loss of $2.3 million to $2.8 million, prior to the recognition of a gain related to a tax-valuation allowance, compared with the company's prior forecast for a profit of $600,000 to $900,000. Excluding items, the company cut its EPS forecast to 5 cents to 6 cents from an earlier projection of 10 cents to 12 cents. Analysts polled by Thomson First Call had forecast earnings of 11 cents a share and revenue of $44.2 million.

Separately, the company said it is buying messaging-security company CipherTrust for $273.6 million. The price consists of $185 million in cash, 10 million Secure Computing shares and a $10 million seller note that is subject to certain performance obligations. CipherTrust shareholders will have a roughly 14% ownership position in Secure Computing. Shares tumbled $3.08, or 38%, to $4.99 after hours.

Shares of Ruby Tuesday ( RI) moved higher after the restaurant operator posted better-than-expected fourth-quarter earnings and hiked its dividend. For the quarter ended June 6, Ruby Tuesday's profit rose to $31.7 million, or 53 cents a share, from $26 million, or 40 cents a share, a year earlier. Wall Street expected earnings of 51 cents a share. Revenue rose to $364.3 million from $295.4 million, while same-restaurant sales at company-owned restaurants increased 2.9%.

Looking ahead, Ruby Tuesday sees first-quarter earnings of 34 cents to 38 cents a share. For all of fiscal 2007, the company expects earnings of $1.70 to $1.75 a share. Analysts have an average estimate for earnings of 40 cents a share in the first quarter and $1.74 a share for the year.

Ruby Tuesday also said it plans to pay a semiannual dividend of 25 cents a share, a sharp increase over its previous payment of 2.25 cents. The company said the move is "prudent" based on its continued projected and increasing free cash flow. Shares jumped $1.02, or 4.4%, to $24.40 in after-hours trading.

California Pizza Kitchen ( CPKI) nudged its second-quarter earnings estimate upward, sending shares higher in after-hours trading. The restaurant company expects to post earnings of 29 cents to 30 cents a share, up from its prior guidance of 28 cents to 29 cents. The company said revenue for the quarter increased 14% to $136.2 million, while same-restaurant sales rose 4.8%. Analysts had forecast a second-quarter profit of 29 cents a share and revenue of $135.6 million. The company will release full results Aug. 7. Shares rose $1.53, or 5.6%, to $28.93 in after-hours trading.

Monster Worldwide ( MNST) said it may have to restate its financial results for 2005 and prior years to fix accounting errors related to stock-option grants. A committee of independent directors, assisted by outside legal counsel, has been conducting an internal review and analysis of all stock-option grants previously issued by Monster, which said last month that regulators asked it to preserve all relevant information related to its stock options. The online jobs site has not yet determined which historical financial statements would be restated, the magnitude of the restatement or the tax impact that may result from the matter. The company also said that a potential restatement wouldn't have a material impact on 2006 earnings. Shares slipped 64 cents, or 1.7%, to $36.60 in after-hours trading.

Cooper Tire & Rubber ( CTB) shares declined after Standard & Poor's said it is dropping the company from its S&P 500 index. The S&P plans to add Windstream, a company being formed by the combination of the wireline segment of Alltel ( AT) and Valor Communications ( VCG), to the S&P 500. Cooper Tire's market cap of $664 million ranks it 500th in the index, Standard & Poor's said. The move is effective after the close of trading July 17. Cooper Tire shares fell 33 cents, or 3%, to $10.49 after hours.

AMB Property ( AMB) shares advanced after the San Francisco-based real estate investment trust said second-quarter funds from operations climbed to $82.4 million, or 87 cents a share, from $50.6 million and 55 cents a share a year ago. The results exceeded the high end of the company's previous guidance by 14 cents a share, primarily as a result of better-than-expected profitability on the assets sold, AMB said. Shares rose $1.25, or 2.4%, to $52.90 in late trading.

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