NEW YORK (AFX) - Energy Conversion Devices Inc. was one of the biggest gainers in Tuesday's aftermarket trading session, after the company said it narrowed its fiscal fourth-quarter loss on stronger solar sales, widely beating Wall Street expectations.
Shares of the Rochester Hills, Mich.-based company, which makes solar panels and rechargeable batteries, were up 86 cents, or 2.6 percent, to $33.85 in aftermarket electronic trading, after closing up 16 cents at $32.99 on the Nasdaq.
Shares of New York Times Co. also got a boost in late trading, after the company, whose titles include The Boston Globe and its namesake newspaper, announced plans to sell its nine network-affliated TV stations.
The company's shares gained 86 cents, or 3.9 percent, to $23.14 on the INET electronic exchange, after closing up 28 cents at $22.28 on the New York Stock Exchange.
Also gaining were shares of Globecomm Systems Inc., a provider of satellite communications, also rose in aftermarket trading, following the company's announcement that its fiscal fourth-quarter profit increased 4 percent on a 33 percent jump in revenue.
The Hauppauge, N.Y.-based company's shares added 82 cents, or 10.7 percent, to $8.47 on the INET, after closing up 15 cents, or 2 percent, at $7.65 on the Nasdaq.
Meanwhile, shares of Merck & Co. fell in the extended session, after media reports that two studies to be published in the Journal of the American Medical Association raised concerns about increased risk of kidney and heart problems related to the drug maker's recalled Vioxx pain reliever.
Vioxx went on the market in 1999 and was pulled at the end of September 2004. About 16,000 lawsuits related to the drug have been filed in state and federal courts, including one currently being tried in federal court in New Orleans. Merck has won five cases and lost four overall, although one of the victories, in a New Jersey state court, has been overturned on appeal.
Merck shares were down 70 cents to $41.45 on INET, after closing up 86 cents, or 2.1 percent, at $42.15 on the NYSE.
And shares of Marvell Technology Group Ltd. slipped in the late session after the Santa Clara, Calif.-company said it received a noncompliance notice from Nasdaq, since it has failed to file its July quarter results on time while it reviews its stock option grant practices.
The company said it would request a hearing before a Nasdaq Listing Qualifications Panel in order to avoid a delisting.
Shares of Marvell were trading down 20 cents, at $19.15 on INET, from Tuesday's closing price of $19.35 on the Nasdaq
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