The top after-market NASDAQ Stock Market gainers are: Google, Vical, Asia Entertainment & Resources, Extreme Networks, and Resources Connection. The top after-market NASDAQ Stock Market losers are: FLIR Systems, Life Partners Holdings, Seattle Genetics, Shengkai Innovations, and Xyratex.

Gainers

Google Inc. (GOOG) stock jumped 12.62 percent to $595.69 in the after-market trading. Adjusted profit for the second quarter was $2.85 billion or $8.74 per share, up from $2.08 billion or $6.45 per share last year. Revenue grew 32 percent to $9.03 billion. Revenue, excluding Traffic Acquisition Costs that is the portion of revenues shared with Google's partners, grew 36 percent to $6.92 billion. Analysts had expected profit of $7.86 per share on revenue of $6.55 billion. I'm super excited about the amazing response to Google+ which lets you share just like in real life, Google's chief executive officer Larry Page said. Google+ now has over 10 million users.

Vical Inc. (VICL) stock climbed 11.63 percent to $4.80 in the after-market trading. The company and Astellas Pharma Inc. announced that they have signed exclusive license agreements for the United States and for all territories in the rest of world outside the United States to develop and commercialize TransVax, Vical's therapeutic vaccine designed to control cytomegalovirus reactivation in transplant recipients. The companies expect to begin a multinational Phase 3 registration trial of TransVax in hematopoietic stem cell transplant recipients as well as a Phase 2 trial in solid organ transplant recipients in the first half of 2012.

The agreements will become effective subject to the expiration or termination of the applicable 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. As per the agreements, Astellas will be responsible for further development and commercialization, including all costs. Vical has an option to co-promote TransVax in the United States. Vical will provide assistance to Astellas with TransVax-related manufacturing, regulatory and certain development activities, for which Astellas will reimburse all of Vical's future costs, including personnel and external expenses.

Vical said it will receive near-term payments of $35 million, including $25 million upon the effective date and $10 million upon finalization of the Phase 3 trial design. Vical potentially will receive up to $130 million in total upfront and milestone payments through commercial launch and double-digit royalties on net sales. TransVax is a bivalent DNA vaccine containing plasmids (closed loops of DNA) encoding CMV pp65 and gB antigens for induction of both cellular and humoral immune responses. TransVax is formulated with a proprietary poloxamer-based delivery system. TransVax has received orphan drug designation in the United States for HSCT and SOT patients.

Asia Entertainment & Resources Ltd. (AERL) stock soared 10.93 percent to $8.83 in the after-market trading.

Extreme Networks Inc. (EXTR) stock grew 8.82 percent to $3.70 in the after-market trading. The company raised its fourth quarter revenue guidance to range of $88 million to $90 million from previous range of $80 million to $85 million. The company, however, lowered its fourth quarter adjusted earnings outlook to range of $0.01 to $0.02 per share from previous forecast of $0.03 to $0.05 per share. Street analysts predict profit of $0.04 per share on revenue of $81.56 million.

In addition, the company said it will lay off 110 people or 16 percent of its workforce as a part of its strategic restructuring plan. The company expects the strategic restructuring plan to lower its operating costs in fiscal year 2012 by nearly $20 million, and enable it achieve the goal of consistent double digit operating income. As a part of the restructuring plan, Extreme Networks will take a pretax restructuring charge of about $3.5 million in the fourth-quarter ended July 3, 2011. The company indicated headcount reduction in all functional areas outside of R&D.

Extreme Networks plans to consolidate most of its software engineering resources into lower cost venues, the company expects to complete the consolidation by end of 2011. Transitioning these resources to lower cost areas will enable the company to enhance its R&D investment in new product development and innovation by increasing headcount over the course of the year.

Resources Connection Inc. (RECN) stock grew 8.70 percent to $13.24 in the after-market trading. Profit for the fourth quarter was $5.4 million or $0.12 per share, up from $2.3 million or $0.05 per share last year. Adjusted earnings were $0.09 per share, up from $0.08 per share. Revenue grew 8.8 percent to $145.7 million. Analysts had expected profit of $0.10 per share on revenue of $147.2 million.

Losers

FLIR Systems, Inc. (FLIR) stock fell 8.91 percent to $29.25 in the after-market trading. The company expects second quarter earnings of about $0.18 per share and revenue of about $390 million. Adjusted earnings is expected to be about $0.35 per share. Street analysts predict profit of $0.39 per share on revenue of $410.80 million. The company said results for its Commercial Systems division remained strong, but continued weak demand in the Government Systems division negatively impacted results for the quarter. The company it is evaluating its previously announced guidance for the full year 2011 and will provide updated guidance on its second quarter earnings call on July 22.

Life Partners Holdings, Inc. (LPHI) stock tumbled 8.77 percent to $3.85 in the after-market trading.

Seattle Genetics Inc. (SGEN) stock slid 5.07 percent to $19.30 in the after-market trading. The company said the Oncologic Drugs Advisory Committee to the U.S. Food and Drug Administration voted 10-0 to recommend the granting of accelerated approval of Adcetris for the treatment of patients with Hodgkin lymphoma who relapse after autologous stem cell transplant. In addition, the Oncologic Drugs Advisory Committee or ODAC voted 10-0 to recommend that the FDA grant accelerated approval of Adcetris for the treatment of patients with relapsed or refractory systemic anaplastic large cell lymphoma or ALCL. Adcetris is an antibody-drug conjugate directed to CD30, a defining marker of Hodgkin lymphoma and ALCL.

The FDA is expected to act on the two Biologics License Applications or BLAs for Adcetris by August 30, 2011 under the Prescription Drug User Fee Act. The Adcetris BLAs were based primarily on data from a pivotal trial in relapsed or refractory Hodgkin lymphoma that was conducted under a Special Protocol Assessment with the FDA and from a phase II trial in relapsed or refractory systemic ALCL. The FDA is not obligated to follow the guidance of advisory committee panels but normally takes its advice into consideration before making its final decision on approval.

Shengkai Innovations, Inc. (VALV) stock declined 4.26 percent to $2.25 in the after-market trading.

Xyratex Ltd. (XRTX) stock decreased 2.89 percent to $9.41 in the after-market trading.