The top pre-market NASDAQ Stock Market gainers are: FriendFinder Networks, Achillion Pharmaceuticals, Travelzoo, F5 Networks, and SBA Communications. The top pre-market NASDAQ Stock Market losers are: Adobe Systems, Volcom, Unilife, Cree, Logitech International, Research In Motion, and Apple.

Gainers

FriendFinder Networks Inc. (FFN) stock jumped 14.84 percent to $4.18 in the pre-market trading.

Achillion Pharmaceuticals, Inc. (ACHN) stock grew 5.32 percent to $6.33 in the pre-market trading. The company said it has priced an underwritten public offering of 9.6 million shares of its common stock at $5.90 per share. The net proceeds to Achillion from the sale of the shares, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be around $52.9 million. The offering is expected to close on June 27.

Achillion has granted the underwriters a 30-day option to purchase up to an additional 1.44 million shares of its common stock to cover overallotments, if any. The company said the expected net proceeds does not include any net proceeds that it would get if the underwriters exercise such overallotment option.

Travelzoo Inc. (TZOO) stock increased 3.59 percent to $61.50 in the pre-market trading.

F5 Networks, Inc. (FFIV) stock gained 2.10 percent to $105.16 in the pre-market trading. Barclays Capital upgraded its rating on shares of F5 Networks to overweight from equal weight and raised its price target to $125 from $110. The brokerage said the shares of F5 Networks are compelling based on healthy demand, improving visibility and modest competition from Cisco Systems Inc. (CSCO). Barclays said the company's focus on end user applications and new product introductions as well as a solid pipeline suggests conservatism in near term guidance.

SBA Communications Corp. (SBAC) stock rose 2.02 percent to $38.36 in the pre-market trading.

Losers

Adobe Systems Inc. (ADBE) stock fell 4.72 percent to $30.50 in the pre-market trading. The company expects third quarter adjusted earnings of $0.50 to $0.56 per share and revenue of $1.0 billion to $1.05 billion, while Street predicts profit of $0.54 per share on revenue of $1.02 billion. The company projects third quarter adjusted operating margin of 34 percent to 36 percent. In addition, Adobe reaffirmed its 10 percent revenue growth objective in fiscal 2011 and anticipates its full year adjusted operating margin of about 37 percent.

Adobe reported second quarter earnings of $229.4 million or $0.45 per share, up from $148.6 million or $0.28 per share last year. Adjusted profit was $279.9 million or $0.55 per share, up from $234.2 million or $0.44 per share last year. Revenue rose 9 percent to $1.02 billion. Analysts had expected profit of $0.51 per share on revenue of $994.78 million.

Volcom Inc. (VLCM) stock slid 4.04 percent to $23.51 in the pre-market trading.

Unilife Corp. (UNIS) stock declined 3.16 percent to $4.59 in the pre-market trading.

Cree Inc. (CREE) stock declined 2.44 percent to $33.17 in the pre-market trading.

Logitech International SA (LOGI) stock decreased 2.35 percent to $11.21 in the pre-market trading.

Research In Motion Ltd. (RIMM) stock decreased 1.72 percent to $28.06 in the pre-market trading. Law firm Faruqi & Faruqi, LLP is investigating potential wrongdoing at RIM. The firm seeks to determine whether RIM violated federal securities laws in connection with statements made to its shareholders. The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: the company’s aging product line and inability to introduce new products to the market was negatively impacting the company’s business and margins; the company was unable to introduce new products in a timely manner, which hurt the company’s ability to maintain its market share in the smartphone market; the company’s resources had become limited as it attempted to develop new products; the company experienced lower-than-expected BlackBerry Smartphone sales and shipments in the United States and Latin America; and the company relied on sales of older-model Smartphones at lower retail price points than their newer, but delayed, products.

Separately, reports surfaced that RIM has started to hand out lay off notices to as many as 200 employees in Waterloo as part of its already announced restructuring program. The company currently has 17,500 workers globally, including 9,000 in the Waterloo region. The company has been struggling to withstand intense competition from Apple Inc. (AAPL) and others in the markets of smartphone and tablet computer devices, powered by Google Inc.'s (GOOG) Android-operating system. Meanwhile, takeover rumors also began to spread in the market, highlighting that the company's market capital has declined to about $15 billion, much less than the June 2008 peak of $83 billion. Microsoft Corp. (MSFT) and Dell Inc. (DELL) could be potential buyers, with an offer price somewhere between $40 and $50 a share, the reports said.

Apple Inc. (AAPL) stock moved down 0.32 percent to $324.27 in the pre-market trading. India's antitrust agency has received a complaint against Apple requesting that the body look into whether Apple violated local competition laws when selling its iPhone 4 smartphone to select mobile phone operators, according to Wall Street Journal citing a senior official at India's Competition Commission. The agency may examine the complaint but added it is not necessary for the commission to act on the complaint if no violation was found, the official told the Journal.

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