The top after-market NASDAQ stock market gainers are: EXFO, Sify Technologies, Mercury Computer Systems, Umpqua Holdings, and National CineMedia. The top after-market NASDAQ stock market losers are: DragonWave, optionsXpress Holdings, Geron, PostRock Energy, and American Capital Agency.

Gainers

EXFO Inc. (EXFO) stock advanced 15.59 percent to $8.75 in the after-market trading, following its higher first quarter earnings driven by a huge gain from the sale of Life Sciences and Industrial Division. Profit was $14.1 million or 23 cents a share, up from $0.3 million or 1 cent a share last year. Sales rose 48.5 percent to $67.6 million. Analysts had expected profit of 5 cents a share on revenue of $63.97 million.

EXFO expects second quarter earnings of 3 cents to 7 cents a share and sales of $70 million to $75 million. Street expects profit of 8 cents a share on revenue of $63.64 million for second quarter.

Shares of Sify Technologies Ltd. (SIFY) soared 7.32 percent to $2.64 in the after-hours trading.

Mercury Computer Systems, Inc. (MRCY) stock gained 4.65 percent to $18.91 in the after-market session, following its increase to second quarter guidance. The company raised its second quarter earnings from continuing operations guidance to about 20 cents a share from previous forecast range of 10 cents to 12 cents a share. The company increased its revenue outlook to about $55.5 million from previous range of $54 million to $55 million. Analysts expect profit of 12 cents a share on revenue of $53.92 million.

Mercury Computer said t has completed the acquisition of LNX Corp. for $31.0 million in cash plus an earn-out of up to $5.0 million payable upon the achievement of financial targets in calendar years 2011 and 2012. LNX's operations will be combined with Mercury's Echotek Product Group to form the new Microwave and Digital Solutions group.

Shares of Umpqua Holdings Corp. (UMPQ) increased 4.18 percent to $12.97 in the after-hours session. The company said it has appointed Eve Callahan as the senior vice president of corporate communications to lead its newly formed corporate communications division.

National CineMedia, Inc. (NCMI) stock rose 3.75 percent to $19.10 in the after-market trading.

Losers

Shares of DragonWave Inc. (DRWI) lost 13.97 percent to $7.45 in the after-hours trading, following its loss in third quarter. The company's loss was $0.05 million or breakeven a share, compared to profit of $1.2 million or 34 cents a share last year. Revenue declined to $27 million from $51.6 million. Analysts had expected a loss of 1 cent a share on revenue of $27.39 million. The company expects fourth quarter revenue of about $15 million, while analysts project $26.65 million.

optionsXpress Holdings, Inc. (OXPS) stock fell 4.56 percent to $14.24 in the after-market trading.

Shares of Geron Corp. (GERN) declined 4.48 percent to $5.12 in the after-hours session.

PostRock Energy Corp. (PSTR) stock decreased 2.24 percent to $4.37 in the after-market session.

Shares of American Capital Agency Corp. (AGNC) moved down 2.02 percent to $29.08 in the after-hours trading, following its plan to make a public offering of 18 million shares of its common stock. The company expects to use the net proceeds from this offering to acquire additional agency securities as market conditions warrant and for general corporate purposes.

Separately, American Capital said it expects earnings for the fourth quarter to exceed $2.25 a share. Earnings for the quarter had a favorably impact from non-recurring net realized and unrealized gains on derivative instruments. Net of these items, the company expects earnings to exceed $1.20 a share, including an anticipated benefit from slower projected prepayment speeds.

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