The top after-market NASDAQ Stock Market gainers are: Cephalon, Netlist, Life Partners Holdings, AC Moore Arts & Crafts, and Gulf Resources. The top after-market NASDAQ Stock Market losers are: ValueVision Media, Tibco Software, H&E Equipment Services, iGATE, and Career Education.

Gainers

Cephalon Inc. (CEPH) stock jumped 24.07 percent to $72.89 in the after-market trading, as Valeant Pharmaceuticals International, Inc. (VRX) seeks to take over Cephalon for about $5.7 billion or $73 per share in cash, after Valeant's earlier proposals were rejected. Cephalon confirmed Tuesday the receipt of three unsolicited acquisition offers from Valeant to acquire whole of it or only its non-oncology related assets.

After confirming receipt of the offers, Cephalon said it is working with its financial advisers to review and consider each proposal, and that its board will consider the offers with a plan to respond next week. Cephalon advises shareholders that they need not take any action at this time in response to Valeant's proposal and that they should wait for the response of the Cephalon Board of Directors.

Netlist Inc. (NLST) stock climbed 11.57 percent to $2.70 in the after-market trading, as it received additional patents for HyperCloud Memory Innovations. The company said the United States Patent and Trademark Office has recently issued to Netlist U.S. Patent No. 7,864,627 entitled Memory Module Decoder, U.S. Patent No 7,881,150 entitled Circuit Providing Load Isolation and Memory Domain Translation for Memory Module, and U.S. Patent No 7,916,574, a continuation of the '150.

Netlist said these patents add to company's growing intellectual property portfolio protecting the company's HyperCloud innovations that utilize rank multiplication and load reduction technologies.

Life Partners Holdings, Inc. (LPHI) stock gained 5.97 percent to $7.99 in the after-market trading.

AC Moore Arts & Crafts Inc. (ACMR) stock increased 4.56 percent to $2.75 in the after-market trading.

Gulf Resources, Inc. (GFRE) stock rose 4.09 percent to $6.87 in the after-market trading.

Losers

ValueVision Media Inc. (VVTV) stock plunged 7.43 percent to $6.35 in the after-market trading, as it plans to offer shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement. Net proceeds from the offering are expected to be used to redeem the outstanding Series B Preferred Stock held by GE Capital Equity Investments, Inc. and, to the extent there are net proceeds remaining, for working capital and general corporate purposes, which may include capital expenditures

Tibco Software, Inc. (TIBX) stock fell 5.60 percent to $24.80 in the after-market trading, as its second quarter revenue outlook implied a slowing growth. The company expects second quarter revenue of $195 million to $200 million and adjusted earnings of 17 cents to 18 cents a share, while Street predicts profit of 18 cents a share on revenue of $194.85 million. Second quarter revenue guidance implied a growth rate of 12.5 percent to 15.4 percent, but last year's revenue grew 21 percent and in the two subsequent quarters it grew 23 percent.

Tibco posted first quarter adjusted earnings of $27.3 million or 16 cents a share, up from $20 million or 12 cents a share last year. Revenue grew 20 percent to $185.3 million. Analysts had expected profit of 15 cents a share on revenue of $182.68 million.

H&E Equipment Services Inc. (HEES) stock slid 4.21 percent to $18.65 in the after-market trading.

iGATE Corp. (IGTE) stock declined 3.88 percent to $17.85 in the after-market trading.

Career Education Corp. (CECO) stock decreased 2.70 percent to $21.27 in the after-market trading, following a decline in Apollo Group's (APOL) second quarter new student enrolments and a sharp declines in revenue guidance through 2012 as Apollo reels under the impact of a tighter regulatory environment.