The top pre-market NASDAQ Stock Market gainers are: Ulta Salon, Cosmetics & Fragrance, Pharmasset, Cytori Therapeutics, and Sequenom. The top pre-market NASDAQ Stock Market losers are: QuinStreet, CIENA, Finisar, JDS Uniphase, SunOpta, and Westport Innovations.

Gainers

Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) stock climbed 12.86 percent to $55.99 in the pre-market trading. Profit for the first quarter was $23.3 million or $0.37 per share, up from $13.7 million or $0.23 per share last year. Sales grew 20.6 percent to $386 million. Analysts had expected profit of $0.31 per share on revenue of $371.02 million. Comparable store sales, or sales from stores open at least for 14 months, improved 11.1 percent. For the second quarter, the company expects earnings of $0.31 to $0.33 per share and sales of $378 million to $384 million, while Street predicts profit of $0.30 per share on revenue of $376.75 million.

Pharmasset, Inc. (VRUS) stock jumped 12.19 percent to $121.50 in the pre-market trading. The company announced the addition of three treatment cohorts to the ELECTRON trial of PSI-7977, a nucleotide analog polymerase inhibitor, for the treatment of chronic hepatitis C (HCV). The rapid and consistent antiviral effects and high barrier to resistance demonstrated with PSI-7977 to date provide the rationale for additional exploratory regimens in this setting. This amendment will add one arm exploring 12 weeks of PSI-7977 monotherapy (without peginterferon and ribavirin) and two arms of interferon-sparing therapy: one for 8 weeks of PSI-7977 plus peginterferon and ribavirin (Peg-IFN/RBV) in patients with HCV genotype 2 (GT2) or 3 (GT3) and one for 12 weeks of PSI-7977 plus Peg-IFN/RBV in patients with HCV genotype 1 (GT1) prior null responses.

Pharmasset anticipates reporting results from the first four arms of the trial (n=40) during the second half of 2011. The company has submitted a number of abstracts to the 2011 American Association for the Study of Liver Diseases (AASLD) meeting, including data from the ELECTRON and PROTON trials.

Cytori Therapeutics, Inc. (CYTX) stock grew 9.63 percent to $5.58 in the pre-market trading. The company reported 18 month outcomes from its APOLLO trial for Acute Myocardial Infarction (AMI). The results from the 14 patient, randomized, placebo-controlled, double-blind safety and feasibility trial in patients with ST-elevation AMI demonstrated the following: Mean reduction in infarct size at 6 months was preserved at 18 months for the cell treated group (standard-of-care plus cells), at 11.7 percent and 11.2 percent, respectively. In contrast, patients receiving control (standard-of-care plus placebo), exhibited diminished treatment effect from 6 months (6.1 percent) to 18 months (4.4 percent). The mean reduction in left ventricular infarct size (reduction in the portion of the heart damaged by the heart attack) was statistically significant (p < 0.05) from baseline to 18 months in the cell-treated group. In patients receiving control, there was less improvement which was not statistically significant.

Statistically significant (p < 0.05) improvement in perfusion of the left ventricle (blood flow through the tissue of the heart) from baseline to 18 months was observed in the cell-treated group. In patients receiving control treatment, there was less improvement which was not statistically significant; and There were substantially fewer premature ventricular beats (PVBs) per holter recording in patients who had received cells compared to those who had received control (mean of 24 and 146 PVBs per recording, respectively). These new long-term data will be presented on Friday at the 8th International Symposium on Stem Cell Therapy & Cardiovascular Innovation in Madrid, Spain by Henricus Duckers, Co-Principal Investigator for the cardiac cell therapy heart attack trial.

Sequenom Inc. (SQNM) stock increased 1.92 percent to $8.49 in the pre-market trading.

Losers

QuinStreet, Inc. (QNST) stock plunged 23.65 percent to $11.20 in the pre-market trading. The company expects full year 2011 revenue growth to come in at the top of the range of its average growth objective of 15 percent to 20 percent. The company expects generally flat year-over-year growth for fourth quarter of fiscal 2011 and first quarter of fiscal 2012. The company said it has completed its plan for fiscal 2012. For the fiscal 2012, the company projects revenue of $455 million to $475 million, or about 15 percent year-over-year growth at the mid-point, while Street predicts revenue of $479.96 million. The company expects 20 percent adjusted EBITDA margins for fourth quarter of fiscal 2011 and for full year fiscal 2012.

In the conference call, the company said it was seeing weaker demand from such clients as they cut spending on education budgets. Many for-profit educational institutions, which use the services of QuinStreet, have been hit by the U.S. Department of Education's (DOE) regulation on gainful employment that determines whether for-profit colleges qualify for federal student aid, according to a Reuters report. Many colleges were seen to be at risk of losing access to federal aid based on the proposals by the DOE which are expected to take effect on July 31, 2011. QuinStreet said the pricing environment has 'hardly improved' and was disappointed by its first-quarter growth which is expected to be flat.

CIENA Corp. (CIEN) stock plunged 13.09 percent to $21.04 in the pre-market trading. Loss for the second quarter narrowed to $62.7 million or $0.66 per share from $90.0 million or $0.97 per share last year. However, on an adjusted basis, loss widened to $22.4 million or $0.24 per share from $11.7 million or $0.13 per share. Revenue grew to $417.9 million from $253.47 million. Analysts had expected a loss of $0.11 per share on revenue of $428.10 million. For the third quarter, the company expects revenue of $435 million to $455 million, while Street predicts $456.42 million. The company projects third quarter adjusted gross margin to be in the low 40s range.

Finisar Corp. (FNSR) stock tumbled 5.56 percent to $18.85 in the pre-market trading.

JDS Uniphase Corp. (JDSU) stock fell 4.40 percent to $17.60 in the pre-market trading.

SunOpta Inc. (STKL) stock declined 4.15 percent to $7.62 in the pre-market trading.

Westport Innovations Inc. (WPRT) stock decreased 3.51 percent to $22.56 in the pre-market trading. Loss for the fourth quarter was $14.4 million or $0.31 per share, compared to a loss of $11.7 million or $0.32 per share last year. Revenue rose to $38.1 million from $34.5 million. Analysts had expected a loss of $0.18 per share on revenue of $42.87 million. Separately, Westport said it agreed to buy Italian fuel system provider, Emer S.p.A., for about $39.6 million in a cash and stock deal. Westport will also assume about $77.6 million of Emer's existing net debt. The deal is expected to close on or about July 1.

S&P NASDAQ Stock Market S&P