The top after-market NASDAQ Stock Market gainers are: Keynote Systems, Boston Private Financial Holdings, Questcor Pharmaceuticals, Hovnanian Enterprises, and Electro Scientific Industries. The top after-market NASDAQ Stock Market losers are: JDA Software Group, Illumina, Panera Bread, CIENA, and Arch Capital Group.

Gainers

Keynote Systems Inc. (KEYN) stock jumped 13.15 percent to $24.52 in the after-market trading. Adjusted profit for the third quarter was $5.57 million or $0.31 per share, up from $1.16 million or $0.08 per share last year. Revenue grew 38 percent to $26.59 million. Analysts had expected profit of $0.25 per share on revenue of $24.97 million. Looking ahead into the fourth quarter, the company expects adjusted earnings of $0.27 to $0.32 per share and revenue of $26 million to $27 million, while Street predicts profit of $0.23 per share on revenue of $25.07 million. The company's board of directors approved a quarterly cash dividend of $0.06 per common share, payable September 15 to common stockholders of record at the close of business on September 1.

Boston Private Financial Holdings Inc. (BPFH) stock climbed 10.80 percent to $6.67 in the after-market trading. Profit for the second quarter was $14.35 million or $0.17 per share, compared to a loss of $5.04 million or $0.07 per share last year. Revenue rose to $78.34 million from $70.65 million. Net interest income rose to $46.02 million from $45.02 million. Analysts had expected profit of $0.01 per share on revenue of $45.16 million. The company's board of directors declared a cash dividend of $0.01 per share, payable August 30 to shareholders of record August 16.

Questcor Pharmaceuticals, Inc. (QCOR) stock soared 10.58 percent to $28.75 in the after-market trading. Adjusted earnings for the second quarter were $15.2 million or $0.23 per share, up from $9.9 million or $0.15 per share last year. Sales increased to $45.98 million from $28.32 million. Analysts had expected profit of $0.20 per share on revenue of $41.75 million.

Hovnanian Enterprises Inc. (HOVNP) stock grew 7.69 percent to $4.34 in the after-market trading.

Electro Scientific Industries Inc. (ESIO) stock gained 7.14 percent to $20.70 in the after-market trading. Adjusted profit for the first quarter was $7.9 million or $0.27 per share, higher than last year's $0.8 million or $0.03 per share. Revenue grew to $77.0 million from $58.5 million. Analysts had expected profit of $0.25 per share on revenue of $76 million. Looking ahead into the second quarter, the company expects adjusted earnings of $0.35 to $0.40 per share and revenue of $90 million, while Street predicts profit of $0.26 per share on revenue of $77 million. For the year, the company now expects revenue at the high end of previous growth expectations of 15 percent to 25 percent.

Losers

JDA Software Group Inc. (JDAS) stock fell 9.19 percent to $27.47 in the after-market trading. Adjusted profit for the second quarter was $19.4 million or $0.45 per share, down from $20.4 million or $0.48 per share last year. Sales rose 3 percent to $162.4 million. Analysts had expected profit of $0.55 per share on revenue of $169.83 million.

"Second quarter software sales did not meet our expectation, however, our outlook for the second half remains strong. In particular, we currently anticipate an unusually strong third quarter that is expected to be combined with a typically strong fourth quarter to deliver total license sales around the mid-point of our original full year outlook for 2011," said Hamish Brewer, President and Chief Executive Officer of JDA Software.

Illumina Inc. (ILMN) stock tumbled 7.82 percent to $64.20 in the after-market trading. Adjusted profit for the second quarter was $52.5 million or $0.38 per share, up from $34.0 million or $0.26 per share last year. Revenue grew 36 percent to $287.5 million. Analysts had expected profit of $0.37 per share on revenue of $281.62 million. Looking ahead into the fiscal 2011, the company now expects adjusted earnings per share growth of 33 percent to 36 percent from last year's $1.06 per share, and revenue growth of 24 percent to 26 percent from last year's $902.7 million. Street analysts predict earnings growth of 43.40 percent on revenue growth of 27.50 percent. Previously, the company expected adjusted earnings per share growth of more than 30 percent and revenue growth of about 20 percent.

Panera Bread Co. (PNRA) stock slid 4.86 percent to $123 in the after-market trading. Profit for the second quarter was $36 million or $1.18 per share, up from $27 million or $0.85 per share last year. Sales rose 19 percent to $451 million. Analysts had expected profit of $1.17 per share on revenue of $449.34 million. Company-owned comparable net bakery-cafe sales for the quarter were up 4.4 percent. Looking ahead into the third quarter, the company expects earnings of $0.92 to $0.94 per share, while Street predicts $0.91 per share. For the fourth quarter, the company expects earnings of $1.35 to $1.37 per share.

Panera Bread increased its full year 2011 earnings guidance to range of $4.54 to $4.58 per share from previous forecast of $4.47 to $4.51 per share, while Street predicts $4.55 per share. For the fiscal 2012, the company said it s initially targeting its earnings per share growth rate at the lower end of its long-term profit growth target of 15 percent to 20 percent.

"We are raising our full year 2011 EPS growth target to 25 percent to 26 percent, based on strong operating trends. Our sales in the second quarter were driven by strong transaction growth, fueled by our past and current investments in the quality of our food, operations, and customer experience. Looking forward into 2012, we believe that these investments have set us up for another strong year," said Bill Moreton, Chief Executive Officer of Panera Bread.

CIENA Corp. (CIEN) stock declined 4.49 percent to $16.79 in the after-market trading.

Arch Capital Group Ltd. (ACGL) stock decreased 4.17 percent to $33.10 in the after-market trading.