The top pre-market NASDAQ Stock Market gainers are: Oncothyreon, BigBand Networks, Cirrus Logic, Allos Therapeutics, and Apple. The top pre-market NASDAQ Stock Market losers are: Riverbed Technology, Citi Trends, Fortinet, Aixtron, and F5 Networks.

Gainers

Oncothyreon Inc (ONTY) stock climbed 13.12 percent to $10 in the pre-market trading.

BigBand Networks, Inc. (BBND) stock jumped 10.68 percent to $2.28 in the pre-market trading. The company said AT&T Services, Inc. is starting to deploy the BigBand Media Services Platform (MSP) as part of AT&T U-verse TV’s local ad insertion solution. BigBand expects AT&T to become a material customer for the first time in the second half of 2011. The BigBand MSP-based advertising solution can help operators increase advertising revenues by supporting specific markets via the preparation and splicing of local ads into national program feeds. BigBand recently announced that its advertising solutions supported over one billion ad transactions in the last year for North American cable operators.

Cirrus Logic Inc. (CRUS) stock gained 7.93 percent to $18.50 in the pre-market trading.

Allos Therapeutics, Inc. (ALTH) stock increased 7.28 percent to $2.21 in the pre-market trading. AMAG Pharmaceuticals, Inc. (AMAG) and Allos Therapeutics announced that they have entered into a definitive merger agreement whereby the companies will combine in an all-stock merger with a total equity value of around $686 million. The transaction is expected to result in annual cost savings synergies of between $55 million and $60 million, the majority of which are expected to be realized in the first fiscal year after closing.

As per the terms of the transaction, which has been approved by the boards of directors of both companies, Allos stockholders will receive a fixed ratio of 0.1282 shares of AMAG Pharma common stock for each share of Allos common stock they own. Following the consummation of the merger, AMAG Pharma stockholders will own about 61 percent of the combined company and Allos stockholders will own around 39 percent of the combined company.

Apple Inc. (AAPL) stock rose 5.59 percent to $397.90 in the pre-market trading, as its third quarter earnings and revenue exceeded Street view. Profit was $7.308 billion or $7.79 per share, up from $3.253 billion or $3.51 per share last year. Sales rose to $28.57 billion from $15.70 billion. Analysts had expected profit of $5.80 per share on revenue of $24.92 billion.

The company's iPhone sales soared 142 percent to 20.34 million units, while iPad sales jumped 183 percent to 9.25 million units. Apple's Macintosh computers sales grew 14 percent to 3.95 million units, while iPod sales fell 20 percent to 7.54 million units. Looking ahead, the company expects fourth quarter earnings of about $5.50 per share and revenue of about $25 billion, while Street predicts profit of $6.42 per share on revenue of $27.70 billion.

Losers

Riverbed Technology, Inc. (RVBD) stock plunged 23.16 percent to $31.81 in the pre-market trading. Adjusted profit for the second quarter was $34.9 million or $0.21 per share, up from $19.2 million or $0.13 per share last year. Revenue rose 35 percent to $170.3 million. Analysts had expected profit of $0.21 per share on revenue of $182.86 million. Looking ahead, the company said it expects a strong second half 2011. Our competitive position is stronger than ever, our product portfolio is even more robust with the acquisitions announced today, and our market opportunity is growing, said Jerry Kennelly, president and CEO of Riverbed.

Separately, Riverbed revealed the acquisition of two companies, Zeus Technology and Aptimize. Zeus is a privately-owned U.K. Company, involved in high performance application delivery control for virtual and cloud environments. Aptimize is also a privately-owned company in New Zealand, involved in web content optimization. Zeus and Aptimize enable asymmetric optimization of applications and web content, with their product offerings highly complementary to Riverbed's and will allow Riverbed to be a more strategic vendor to customers.

Citi Trends (CTRN) stock plummeted 22.96 percent to $12.25 in the pre-market trading. The company expects second quarter loss of $0.60 to $0.70 per share, while Street predicts a loss of $0.12 per share. The company said its sales have continued to be much lower than expected. Comparable store sales were down 12 percent in both May and June and are expected to be down about 11 percent for the full second quarter. Additionally, the weakness in sales has necessitated higher clearance markdowns, further contributing to the quarterly loss. In light of the existing uncertain sales environment, the company will not undertake to estimate results for the full fiscal 2011 year at this time.

Despite the difficult environment that we are currently in, we continue to be very optimistic about the Company’s future. We have a great niche, a great customer relationship and a very strong balance sheet with about $80 million of cash and investments and no debt. We do believe, however, that our current sales trend dictates a more conservative approach to operating costs and capital expenditures. As a result, for the remainder of 2011 we plan to only open the new stores for which we have already committed, reducing our projection from approximately 65 to 70 new stores to 55 to 60 new stores, said David Alexander, Citi Trends’ President and Chief Executive Officer.

Fortinet Inc. (FTNT) stock tumbled 17.10 percent to $22.20 in the pre-market trading. Adjusted profit for the second quarter was $15.3 million or $0.09 per share, up from $8.1 million or $0.05 per share last year. Revenue grew 35 percent to $103.02 million. Analysts had expected profit of $0.08 per share on revenue of $96.65 million.

In the conference call, the company said it expects third quarter adjusted earnings of $0.09 to $0.10 per share and revenue of $101 million to $103 million, while Street predicts profit of $0.09 per share on revenue of $101.82 million. For the full year 2011, the company raised its adjusted earnings guidance to range of about $0.36 to $0.37 per share from previous forecast of $0.35 per share. The company also increased its revenue outlook to range of $395 million to $410 million from previous range of $390 million to $400 million. Street analysts predict profit of $0.36 per share on revenue of $401.60 million for the full year 2011.

Aixtron SE (AIXG) stock declined 3.91 percent to $27.55 in the pre-market trading.

F5 Networks, Inc. (FFIV) stock decreased 2.49 percent to $115.70 in the pre-market trading, ahead of its third quarter earnings on Wednesday. Street analysts predict profit of $0.91 per share on revenue of $290.66 million for the third quarter.

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