The top pre-market NASDAQ Stock Market gainers are: Kendle International, ZST Digital Networks, Hansen Medical, JDS Uniphase, Cbeyond, and ON Semiconductor. The top pre-market NASDAQ Stock Market losers are: Smith Micro Software, Sierra Wireless, Atmel, Aixtron, Mercadolibre, and ARM Holdings.

Gainers

Kendle International Inc. (KNDL) stock jumped 58.32 percent to $15.04 in the pre-market trading, as INC Research LLC has agreed to buy Kendle for $15.25 per share in cash or total equity value of about $232 million. This representing a 60.5 percent premium over Kendle's closing share price on May 4. Kendle board unanimously approved the transaction, which is expected to close in the third quarter.

ZST Digital Networks, Inc. (ZSTN) stock advanced 12.39 percent to $3.90 in the pre-market trading. Profit for the first quarter was $5.23 million or $0.45 per share, up from $1.97 million or $0.17 per share last year. Revenue grew to $33.80 million from $17.05 million, on strong growth in the cable TV related business line including increased sales of both IPTV set-top boxes and cable TV network equipment, and the GPS-related business line including revenue from sales of GPS devices and related service. For the full year 2011, the company reiterated its revenue guidance of $160 million to $175 million and its earnings outlook of $28 million to $30 million.

Hansen Medical, Inc. (HNSN) stock climbed 11.11 percent to $3.40 in the pre-market trading. Profit for the first quarter was $11.7 million or $0.21 per share, compared to a loss of $3.8 million or $0.10 per share last year. The 2011 first quarter net income was primarily attributable to about $23 million gain on sale of the non-robotic rights associated with the FOSSL technology. Revenue grew 95 percent to $5.3 million. Analysts had expected a loss of $0.19 per share on revenue of $4.63 million.

JDS Uniphase Corp. (JDSU) stock grew 8 percent to $21.60 in the pre-market trading, as its third quarter earnings and revenue exceeded Street view. Adjusted profit was $51.0 million or $0.22 per share, up from $23.2 million or $0.10 per share last year. Revenue grew to $454 million from $332.3 million, while adjusted revenue rose to $455.4 million from $332.9 million. Analysts had expected profit of $0.20 per share on revenue of $448.01 million. For the fourth quarter, the company expects adjusted revenue of $455 million to $475 million, while Street predicts $469.82 million.

Cbeyond, Inc. (CBEY) stock gained 7.78 percent to $14 in the pre-market trading. Loss for the first quarter was $141,000 or breakeven per share, compared to a profit of $1.04 million or $0.03 per share last year. Revenue rose to $118.98 million from $110.52 million. Analysts had expected a loss of $0.05 per share on revenue of $118.18 million. For the fiscal 2011, the company reiterated its revenue growth guidance of 6 percent to 8 percent, its adjusted EBITDA growth outlook of 9 percent to 12 percent and its capital expenditure forecast of $75 million to $80 million.

Cbeyond’s board of directors has currently authorized up to $15.0 million in repurchases of shares of Cbeyond, Inc. common stock from time to time in open market purchases, privately negotiated transactions or otherwise. The repurchases, if any, will be made on an opportunistic basis depending on prevailing market conditions, liquidity requirements, contractual restrictions and other discretionary factors. Cbeyond has amended its credit facility with Bank of America to allow for borrowings of up to $50.0 million to fund these share repurchases if the company needs to access its line of credit to fund these transactions.

ON Semiconductor Corp. (ONNN) stock increased 7.59 percent to $11.06 in the pre-market trading, as it guided second quarter revenue above Street view. The company expects second quarter revenue of about $860 million to $900 million, while Street predicts $850.12 million. The company reported first quarter adjusted earnings of $121.2 million or $0.27 per share, up from $85.3 million or $0.19 per share last year. Revenue rose to $870.6 million from $550.2 million. Analysts had expected profit of $0.20 per share on revenue of $830.11 million for the first quarter.

Losers

Smith Micro Software Inc. (SMSI) stock plunged 17.22 percent to $6.01 in the pre-market trading, as it guided second quarter revenue below Street view. The company expects second quarter revenue of $15 million to $20 million, while Street predicts $24.21 million. The company said the revenue guidance is based on current financial data and management's current plans and assumptions.

The company reported first quarter loss was $7.8 million or $0.22 per share, compared to a profit of $1.6 million or $0.05 per share last year. Adjusted loss was $4.7 million or $0.13 per share compared to a profit of $6.2 million or $0.18 per share last year. Revenue fell to $17.8 million from $29.9 million. Analysts had expected a loss of $0.12 per share on revenue of $17.17 million.

Sierra Wireless Inc. (SWIR) stock fell 4.93 percent to $10.41 in the pre-market trading. The company expects second quarter adjusted loss of $0.07 to $0.12 per share and revenue of $140 million to $145 million, while Street predicts profit of $0.08 per share on revenue of $157.82 million.

With respect to the recent natural disaster in Japan, the company said it expects to see some modest impact on its business in the second quarter. The company said it experiencing some component supply constraints and, in the second quarter, it expects the impact to be about $2 million in revenue. For the second half of 2011, the company expects year-over-year revenue and earnings growth.

The company reported first quarter loss of $7.8 million or $0.25 per share, compared to a loss of $7.5 million or $0.24 per share last year. Adjusted loss was $2.4 million or $0.08 per share, compared to a profit of $4.1 million or $0.13 per share last year. Revenue fell 5 percent to $144.3 million. Analysts had expected a loss of $0.03 per share on revenue of $142.84 million.

Atmel Corp. (ATML) stock slid 4.07 percent to $14.15 in the pre-market trading. Profit for the first quarter was $74.6 million or $0.16 per share, up from $16.6 million or $0.04 per share last year. Adjusted earnings were $122.2 million or $0.26 per share, up from $25.2 million or $0.05 per share last year. Revenue grew 32 percent to $461.43 million. Analysts had expected profit of $0.15 per share on revenue of $452.80 million.

Separately, Atmel said its board of directors has authorized an additional $300 million allocation of funds to its existing common stock repurchase program. The program does not have an expiration date. The number of shares repurchased and the timing of repurchases will be based on the level of cash balances, general business and market conditions, regulatory requirements and other factors, including alternative investment opportunities. The addition of $300 million to our current program reflects the strength in our business and our ongoing confidence in our outlook for the company, said Stephen Cumming, Atmel's Vice President and Chief Financial Officer.

Aixtron SE (AIXG) stock declined 2.58 percent to $39.91 in the pre-market trading.

Mercadolibre, Inc. (MELI) stock decreased 1.95 percent to $84.10 in the pre-market trading. The company said Pedro Arnt, its current Vice President, Strategic Planning, Treasury & Investor Relations, has been appointed to serve as the company's Chief Financial Officer, effective June 1, 2011. Arnt would replace Hernan Kazah, who is retiring from the company after 12 years of service. Kazah would remain at the company as an employee for a period of time subsequent to May 31, 2011 in order to assist with the transition of his duties, which is expected to conclude during the second half of 2011.

Separately, the company reported first quarter earnings of $14.1 million or $0.32 per share, up from $9.6 million or $0.22 per share last year. Revenue rose to $61.5 million from $46 million. Analysts had expected profit of $0.31 per share on revenue of $60.03 million.

ARM Holdings plc (ARMH) stock moved down 1.92 percent to $28.07 in the pre-market trading. Intel Corp. (INTC) on Wednesday took the wraps off next-generation technology that crams more transistors onto microchips, betting it will help the chipmaker catch up in the red-hot tablet and smartphone market, according to a Reuters report. Intel expects to use the new technology to make PC and server chips, code-named Ivy Bridge, by the end of 2011 and will later use it to make improved processors for mobile devices.

The cutting-edge technology, which Intel says breaks new ground by moving away from flat circuitry to a three-dimensional model, may eventually challenge rival ARM Holdings, whose chip technology is favored in devices like Apple Inc.'s (AAPL) iPad.

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