The top after-market NASDAQ Stock Market gainers are: Gulf Resources, Sino Clean Energy, Photronics, ChinaCast Education, On Track Innovations, and Novellus Systems. The top after-market NASDAQ Stock Market losers are: Metabolix, Callidus Software, TICC Capital, Integrated Device Technology, and AVEO Pharmaceuticals.

Gainers

Gulf Resources, Inc. (GFRE) stock jumped 21.12 percent to $3.67 in the after-market trading. Profit for the first quarter was $16.39 million or $0.40 per share, up from $7.97 million or $0.23 per share last year. Revenue grew to $45.38 million from $29.69 million, on strong performance of the company's bromine and crude salt segments.

Moving forward in 2011, Gulf Resources said it is focused on maximizing sales in light of the higher bromine prices, while gradually ramping up additional bromine and crude salt production capacity. With the added capacity from the wastewater treatment chemical additive production line, the company also expects a higher contribution to growth from its chemical product segment. The company reaffirmed its 2011 revenue guidance of $195 million to $198 million and earnings outlook of $64 million to $66 million.

Sino Clean Energy Inc (SCEI) stock climbed 15 percent to $2.76 in the after-market trading. The company filed form 10-Q with the U.S. Securities and Exchange Commission and anticipates releasing its first quarter summary financial results on May 17 before the market open. In the regulatory filing, the company's earnings for the first quarter were $12.08 million, down from $20.46 million last year, due to the gain on extinguishment of derivative liability of $28.40 million in the last year. Adjusted earnings rose to $8.07 million from $6.76 million. Revenue grew to $33.78 million from $24.51 million.

Photronics Inc. (PLAB) stock advanced 10.63 percent to $8.85 in the after-market trading. Loss for the second quarter was $16.4 million or $0.30 per share, compared to a profit of $7.9 million or $0.14 per share last year. Adjusted earnings were $14.8 million or $0.24 per share. Sales grew to $133.1 million from $105.1 million. Analysts had expected profit of $0.16 per share on revenue of $119.66 million. The company intends to make continued investments to gain further high-end market share, encouraged by its prospects for continued growth in 2011.

ChinaCast Education Corp. (CAST) stock grew 7.84 percent to $6.88 in the after-market trading.

On Track Innovations Ltd. (OTIV) stock gained 4.37 percent to $2.39 in the after-market trading. The company said it has received a contract, in conjunction with a local market partner, to deploy its EasyFuel solution for a government ministry in Africa. The contract's initial order is for $2.5 million and such revenues are scheduled to be recognized by the company this year. The agreement, to facilitate automated refueling at both on-road service stations and home bases, is for ten years.

On Track Innovations will generate ongoing revenues, in addition to product sales, from the provision of a wide range of services including key account management, fuel management reports and a comprehensive service bureau. It is anticipated that additional orders will be placed as the project expands to support other government ministries that will select additional sites and vehicles.

Novellus Systems, Inc. (NVLS) stock increased 4.11 percent to $37.46 in the after-market trading. In a regulatory filing, the company said it has entered into a third amendment to credit agreement on May 12 with Bank of America, N.A. to its credit agreement dated June 17, 2009, as amended on September 23, 2009 and April 26, 2011. The third amendment amends the definition of applicable rate in the credit agreement from 0.75 percent to 0.50 percent per annum and extends the maturity date of the credit agreement to March 3, 2014.

Losers

Metabolix, Inc. (MBLX) stock plunged 9.26 percent to $6.76 in the after-market trading. The company said it received a $6 million grant from the U.S. Department of Energy (DOE). The grant is part of Obama administration's $42 million research and development project fund to support the production of biofuels, bioenergy and high-value biobased products. Metabolix will use the funding to continue research of engineered switchgrass in an effort to provide a sustainable alternative to petroleum feedstocks.

Under the new grant agreement, Metabolix intends to attempt to further enhance expression of polyhydroxyalkanoates (PHAs) in switchgrass to allow co-production of chemicals and densified biomass. In addition to attempting to produce densified biomass with transportation and fuel properties closely matching coal, Metabolix also plans to further develop and scale-up its selective thermolysis process which utilizes moderate temperature to recover a new platform chemical directly from PHA containing switchgrass. This platform chemical, crotonic acid, can be readily converted through simple known chemical conversion steps to a range of commodity chemical intermediates including butanol and propylene.

Callidus Software Inc. (CALD) stock tumbled 4.55 percent to $6.50 in the after-market trading. The company said it proposes to offer $70 million of senior convertible notes, subject to market conditions and other factors. The notes will be redeemable by Callidus under certain circumstances beginning in 2014. The notes will be convertible into shares of Callidus' common stock. The conversion rate and other terms will be determined by negotiations between Callidus and the initial purchasers of the notes.

Callidus also intends to grant to the initial purchasers of the notes the right to purchase up to an additional $10.5 million of notes solely to cover overallotments. The company said it plans to use up to about $15 million of the net proceeds of the proposed offering to repurchase shares of its common stock from purchasers of notes in this offering in privately negotiated transactions effected through one of the initial purchasers as Callidus' agent.

Callidus expects the price per share of the common stock repurchased in such transactions to equal the closing price per share of Callidus' common stock on the date of the pricing of the proposed offering. The company expects to use the remainder of the net proceeds of the proposed offering for general corporate purposes, which may include the acquisition of complementary businesses, products or technologies.

TICC Capital Corp. (TICC) stock slid 4.00 percent to $9.59 in the after-market trading.

Integrated Device Technology, Inc. (IDTI) stock declined 2.88 percent to $8.09 in the after-market trading.

AVEO Pharmaceuticals, Inc. (AVEO) stock decreased 2.67 percent to $17.86 in the after-market trading. The NASDAQ OMX Group, Inc. (NDAQ) announced the results of the semi-annual re-ranking of the NASDAQ Biotechnology Index (NBI), which will become effective prior to market open on May 23. AVEO Pharmaceuticals will be added to the index.