PXRE Group ( PXT) shot up more than 12% in extended trading Wednesday as the Bermuda-based reinsurance company announced it will merge with insurance underwriter Argonaut ( AGII). The planned stock swap will create a new company called Argo Group International, of which roughly 27% will be owned by former PXRE shareholders. Former Argonaut holders will own the rest.

PXRE separately reported narrowing losses on plummeting revenue in the fourth quarter. Its shares were surging 55 cents to $5.01 in recent after-hours action. Argonaut stock was up 35 cents, or 1%, to $34.50.

PDI ( PDII) shares jumped after the business-services firm swung to a fourth-quarter profit of $4.8 million, or 35 cents a share, compared with a year-ago loss of 83 cents a share. The Saddle River, N.J., company's revenue sank 29% year over year to $55.8 million, but this beats two analysts' estimates by $7.2 million, according to Thomson Financial. Shares were trading up $1.63, or 16.5%, to $11.50.

Spectranetics ( SPNC) gained on strong preliminary results from a study of its Turbo-Booster device, which is proposed to help treat blockages in the main artery above the knee. The Food and Drug Administration decided, jointly with Spectranetics, that the study should end early in order that it be submitted for regulatory review. The trial had begun in July. Shares of the Colorado-based company were climbing 62 cents, or 6.3%, to $10.50, in recent after-hours trading.

Deerfield Triarc Capital ( DFR) saw waning fourth-quarter profits of $14.7 million, or 28 cents a share, vs. last year's $19.1 million, or 37 cents a share. On a non-GAAP basis, the Rosemont, Ill., specialty-finance company earned more than last year -- 45 cents a share, compared with 40 cents a share a year ago -- and topped estimates by a nickel. But shares were down $1.16, or 7.9%, to $13.60.

Wave System ( WAVX) receded after full-year sales, at $3.1 million, fell short of the $3.7 million projection. The Lee, Mass., security-hardware maker also posted losses for the fourth quarter and for all of 2006. Both figures narrowed from year-earlier periods, and its 51-cent full-year loss met the only analyst's estimate, but shares were losing 18 cents, or 6.3%, to $2.70.

Sporting-goods retailer Hibbett Sports ( HIBB) fell on a soft earnings outlook. The Birmingham, Ala., company expects fiscal first-quarter profits to range between 32 cents and 35 cents a share, which is at least 3 cents under consensus. It also expects to see a same-store sales drop of 1% to 3%. As for its most recent results, fiscal fourth-quarter earnings topped estimates, and revenue was in line. Shares were off 66 cents, or 2.2%, to $28.76 in recent extended trading.

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