The top after-market NASDAQ stock market gainers are: AeroVironment, Carmike Cinemas, Focus Media Holding, Immersion, and ArQule. The top after-market NASDAQ stock market losers are: Finisar, JDS Uniphase, Oclaro, Oplink Communications, Orthovita, and Hutchinson Technology.

Gainers

AeroVironment, Inc. (AVAV) stock jumped 11.64 percent to $31.94 in the after-market trading, as its third quarter earnings and revenue exceeded Street view. Profit was $11.5 million or 52 cents a share, up from $6.5 million or 30 cents a share last year. Revenue rose 39 percent to $84.4 million. Analysts had expected profit of 38 cents a share on revenue of $78.53 million.

The company now expects to achieve revenue growth for fiscal 2011 of 12.5 percent to 15 percent over the previous year, which is the upper half of its prior guidance range, while Street predicts revenue growth of 12.80 percent. The company also reiterated its operating income margin guidance of between 10 percent and 12 percent of revenue.

Carmike Cinemas Inc. (CKEC) stock climbed 11.11 percent to $7.50 in the after-market trading. Loss for the fourth quarter was $3.1 million or 24 cents a share, compared to profit of $6.4 million or 50 cents a share last year. Adjusted profit fell to $1.1 million or 9 cents a share from $6.7 million or 50 cents a share last year. Revenue declined to $115.92 million from $137.06 million. Analysts had expected a loss of 5 cents a share on revenue of $127.86 million.

Focus Media Holding Ltd. (FMCN) stock gained 5.92 percent to $29 in the after-market trading. Adjusted profit for the fourth quarter was $58.5 million or 41 cents per American Depository Share (ADS), up from $34.1 million or 24 cents per ADS last year. Revenue rose to $159.7 million from $110.9 million. Analysts had expected profit of 37 cents per ADS on revenue of $142.46 million.

Focus Media expects first quarter adjusted earnings of $36 million to $38 million. Net revenues for the core business, inclusive of the LCD display network and other, the in-store network and the poster frame network, are expected to be $122 million to $124 million. Net revenues for the non-core business are expected to be $10 million to $11 million.

Immersion Corp. (IMMR) stock increased 4.52 percent to $7.34 in the after-market trading. The company announced the release of the MOTIV SDK 1.0, a tool kit for Android developers to integrate tactile feedback, or haptics, into their applications. The availability of the SDK completes the recent launch of Immersion’s MOTIV Haptic Development Platform. The MOTIV SDK gives Android developers access to hundreds of pre-designed haptic effects, code samples and resources to easily incorporate tactile feedback into their applications.

ArQule Inc. (ARQL) stock rose 4.28 percent to $6.58 in the after-market trading.

Losers

Finisar Corp. (FNSR) stock plunged 35.81 percent to $25.70 in the after-market trading, on disappointing fourth quarter outlook. The company said the fourth quarter results will be impacted by the full three months of the annual price negotiations with telecom customers that typically take effect on January 1, the 10-day long shutdown at certain customers for Chinese New Year in February, the adjustment of inventory levels at some telecom customers, particularly for products which had previously been on allocation and long lead times, and a slowdown in business in China overall.

As a result, the company expects fourth quarter adjusted earnings of 31 cents to 35 cents a share and revenue of $235 million to $250 million, lower than Street profit view of 48 cents a share on revenue of $268.55 million.

Finisar posted third quarter adjusted earnings of $42.5 million or 47 cents a share, up from $11.5 million or 17 cents a share last year. Revenue grew 57.6 percent to $263.02 million. Analysts had expected profit of 47 cents a share on revenue of $257.93 million.

The weak outlook from Finisar casts a pall of gloom on the fiber optics sector. JDS Uniphase Corp. (JDSU) stock plummeted 13.79 percent to $21.88 in the after-market trading, while Oclaro, Inc. (OCLR) stock dropped 12.09 percent to $14.61. Oplink Communications Inc. (OPLK) stock tumbled 10.81 percent to $22.85 in the after-market trading.

Finisar's explanation for the weak outlook is causing trouble for the rest of the optical stocks -- just a day after the sector took a hit on disappointing financial guidance from Ciena (CIEN), which fell 6.51 percent to $24.01 in the after hours.

Other stocks getting hit included: EMCORE Corp. (EMKR) slid 9.39 percent to $2.80, Opnext, Inc. (OPXT) fell 8.56 percent to $3.42, and Infinera Corp. (INFN) declined 2.99 percent to $8.10.

Orthovita Inc. (VITA) stock slid 10.08 percent to $2.14 in the after-market trading, as its fourth quarter results missed Street view. Loss for the fourth quarter widened to $3.68 million or 5 cents a share from $291,000 or breakeven a share last year. Revenue fell to $23.41 million from $24.38 million. Analysts had expected breakeven a share on revenue of $23.77 million.

Orthovita expects fiscal 2011 sales of $96 million to $102 million, representing sales growth of 2 percent to 9 percent excluding the $1 million sale of Vitomatrix in 2010 pursuant to the termination of its agreement with a dental products company, while Street predicts $103.17 million. The company projects 2011 adjusted loss of $2.0 million to $3.5 million. The company is currently seeking to refinance its existing $35 million of outstanding principal indebtedness that is due in July 2012, and its projections of net loss for 2011 does not include the effects of a refinancing.

Hutchinson Technology Inc. (HTCH) stock fell 9.64 percent to $2.53 in the after-market trading, as it announced manufacturing consolidation and restructuring plan, resulting in a 30 percent to 40 percent reduction of its current U.S. workforce totaling about 2,275 as of February end. Hutchinson expects the restructuring actions to take place over the next 12 months, and would reduce its annual costs by $45 million to $60 million.

The company said its manufacturing consolidation and restructuring plan is aimed to help achieve its goal of being the lowest cost manufacturer of suspension assemblies. The financial results over the next 12 months are expected to include $8 million to $10 million of severance and other costs and $5 million to $10 million of asset impairment charges and accelerated depreciation related to the consolidation of operations.

Hutchinson said it now expects second-quarter suspension assembly shipments to decline as much as 5 percent from the preceding first quarter, due to recent reductions in its customers' production plans. Accordingly, the company has reduced its production plan, resulting in lower capacity utilization. The company also projects negative gross margin and sequentially wider operating loss for the second quarter.