The top pre-market NASDAQ Stock Market gainers are: Garmin, Silicon Motion Technology, Magic Software Enterprises, Exelixis, and JDS Uniphase. The top pre-market NASDAQ Stock Market losers are: Syms, Diamond Foods, OpenTable, EZchip Semiconductor, and Cognizant Technology Solutions.

Gainers

Garmin Ltd. (GRMN) stock jumped 12.20 percent to $38.36 in the pre-market trading. Pro forma earnings for the third quarter were $137.59 million or $0.71 per share, up from $137.16 million or $0.70 per share last year. Sales fell to $666.99 million from $692.36 million. Analysts had expected profit of $0.50 per share on revenue of $618.09 million. Looking ahead into the full year 2011, the company expects pro forma earnings of $2.30 to $2.40 per share and revenue of around $2.6 billion, while Street predicts profit of $2.08 per share on revenue of $2.56 billion. The company said its earnings per share range increased due to the improved margin outlook for the full year. These factors and an anticipated effective tax rate of about 12 percent result in the expected 2011 pro forma earnings.

Silicon Motion Technology Corp. (SIMO) stock climbed 10.97 percent to $17.50 in the pre-market trading. Adjusted profit for the third quarter was $13.64 million or $0.40 per American Depository Share (ADS), up from $32.24 million or $0.16 per ADS last year. Sales grew to $63.22 million from $34.20 million. Analysts had expected profit of $0.23 per ADS on revenue of $50.29 million. Looking ahead into the fourth quarter, the company expects revenue to be flat to down 10 percent sequentially and adjusted gross margin of 47 percent to 49 percent. For the full year 2011, the company now expects revenue growth of 61 percent to 66 percent over last year and adjusted gross margin of 47 percent to 48 percent.

Magic Software Enterprises Ltd. (MGIC) stock grew 7.20 percent to $5.21 in the pre-market trading. Adjusted earnings for the third quarter were $3.97 million or $0.11 per share, up from $2.62 million or $0.08 per share last year. Revenue grew to $29.98 million from $22.37 million. Analyst has expected profit of $0.09 per share on revenue of $27.30 million.

Exelixis, Inc. (EXEL) stock increased 6.49 percent to $4.92 in the pre-market trading.

JDS Uniphase Corp. (JDSU) stock gained 6.36 percent to $12.21 in the pre-market trading. Adjusted profit for the first quarter was $40.9 million or $0.18 per share, down from $44.8 million or $0.20 per share last year. Revenue rose to $420.8 million from $405.2 million, while adjusted revenue increased 2.4 percent to $421.1 million. Analysts had expected profit of $0.13 per share on revenue of $415.09 million. Looking ahead into the second quarter, the company expects adjusted revenue of $375 million to $405 million, lowered by $35 million to $45 million due to the flooding in Thailand, while Street predicts $452.82 million.

Losers

Syms Corp. (SYMS) stock plunged 34.03 percent to $5.06 in the pre-market trading.

Diamond Foods, Inc. (DMND) stock plummeted 15.16 percent to $54.40 in the pre-market trading. The company said its previously announced acquisition of the Pringles snack business from Procter & Gamble Co. (PG) is now expected to close in the first half of calendar 2012. Diamond and Procter & Gamble had previously expected the closing to occur in December of 2011.

Diamond and Procter & Gamble have revised the expected closing date of the acquisition following the receipt by the Chairman of the Audit Committee of Diamond's board of directors of an external communication regarding Diamond's accounting for certain crop payments to walnut growers. In response to the communication, Diamond's Audit Committee decided to perform an investigation of this matter. Management is fully committed to supporting the Audit Committee in this process. Closing of the Pringles transaction remains subject to customary closing conditions and completion of an exchange offer by Procter & Gamble. Antitrust approvals required for the transaction have already been obtained.

OpenTable, Inc. (OPEN) stock fell 13.18 percent to $37.42 in the pre-market trading. Adjusted profit for the third quarter was $7.4 million or $0.30 per share, up from $5.7 million or $0.23 per share last year. Revenue grew 40 percent to $34.4 million. Analysts had expected profit of $0.30 per share on revenue of $35.86 million.

EZchip Semiconductor Ltd. (EZCH) stock tumbled 10.56 percent to $31.07 in the pre-market trading. Profit for the third quarter was $7.7 million or $0.27 per share, up from $4.5 million or $0.17 per share last year. Adjusted earnings were $9.9 million or $0.35 per share, up from $8.7 million or $0.32 per share last year. Revenue increased 14 percent to $18.7 million. Analysts had expected profit of $0.32 per share on revenue of $18.46 million.

Cognizant Technology Solutions Corp. (CTSH) stock slid 5.51 percent to $67.01 in the pre-market trading. Profit for the third quarter was $227.1 million or $0.73 per share, up from $203.7 million or $0.66 per share last year. Adjusted earnings were $0.80 per share, up from $0.69 per share last year. Revenue grew 31.6 percent to $1.6 billion. Analysts had expected profit of $0.71 per share on revenue of $1.57 billion. For the fiscal 2011, the company raised its adjusted earnings guidance to $3.05 per share from previous forecast of $2.98 per share. The company also increased its 2011 revenue outlook to at least $6.11 billion from previous estimate of at least $6.06 billion. Street analysts predict profit of $2.80 per share on revenue of $6.08 billion.

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