The top after-market NASDAQ Stock Market gainers are: Mitcham Industries, China Medical Technologies, ModusLink Global Solutions, Clearwire, and Carrizo Oil & Gas. The top after-market NASDAQ Stock Market losers are: Globe Specialty Metals, First Niagara Financial Group, Photronics, Vera Bradley, and Saia.

Gainers

Mitcham Industries Inc. (MIND) stock jumped 21.27 percent to $19.10 in the after-market trading. Profit for the third quarter was $6.8 million or $0.52 per share, up from $727,000 or $0.07 per share last year. Revenue grew 40 percent to $28.02 million. Analysts had expected profit of $0.22 per share on revenue of $23.02 million.

We remain encouraged by the level and quality of the inquiries and order activity as we continue to receive orders for longer-term jobs with higher channel counts. We also look forward to the upcoming winter seasons in Russia and Canada , which we expect to be strong. Additionally, we expect to continue to see a positive environment in Latin America and to experience new activity in North America , Europe and North Africa and, therefore, anticipate strong results for the full year, said Bill Mitcham, President and Chief Executive Officer of Mitcham Industries.

China Medical Technologies Inc. (CMED) stock gained 4.87 percent to $2.69 in the after-market trading. The company responded to the allegations raised in a research report by Glaucus Research Group dated Tuesday. The company maintains that the allegations set forth in the Glaucus Research report concern matters which have long been disclosed in the company's annual reports and press releases, misrepresent the information they present and attribute motives to management that are based on innuendo and fail to take into account business and commercial considerations relevant to the matters discussed in the report. The company denies the allegations entirely.

ModusLink Global Solutions, Inc. (MLNK) stock increased 4.10 percent to $5.08 in the after-market trading. The shares closed Tuesday's regular trading up 13.26 percent at $5.04.

Clearwire Corp. (CLWR) stock gained 3.82 percent to $2.58 in the after-market trading. The shares closed up 11.11 percent at $2.50 on Tuesday.

Carrizo Oil & Gas Inc. (CRZO) stock increased 2.82 percent to $29.90 in the after-market trading. The shares closed Tuesday's regular trading up 1.32 percent at $29.08.

Losers

Globe Specialty Metals, Inc. (GSM) stock slid 5.76 percent to $13.91 in the after-market trading. The shares closed down 0.13 percent at $14.83 on Tuesday.

First Niagara Financial Group Inc. (FNFG) stock declined 5.11 percent to $8.55 in the after-market trading. The company announced the commencement of an underwritten public offering of $450 million of its common stock. In addition, First Niagara expects to grant the underwriters a 30-day option to purchase up to $33.75 million of additional shares of common stock. In connection with the offering, First Niagara also said its board of directors plans to cut the quarterly cash dividend on its common stock to $0.08 per share commencing with the first quarter of 2012, from $0.16 per share that has been paid in recent quarters. The company said the lower dividend payout will preserve about $110 million of its capital during 2012.

First Niagara expects to commence separate underwritten public offerings of $350 million aggregate liquidation preference of perpetual non-cumulative preferred stock and $300 million aggregate principal amount of subordinated notes in the near future. First Niagara plans to use the net proceeds from the offering of common stock to consummate its previously announced acquisition of branches of HSBC Bank USA, National Association announced on July 31, 2011 and for general corporate purposes.

Photronics Inc. (PLAB) stock decreased 4.47 percent to $5.77 in the after-market trading. Profit for the fourth quarter was $9.29 million or $0.14 per share, compared to $8.14 million or $0.14 per share last year. Adjusted earnings were $9.12 million or $0.14 per share, compared to $8.53 million or $0.14 per share last year. Sales grew 11 percent to $122.16 million. Analysts had expected profit of $0.12 per share on revenue of $121.04 million.

Vera Bradley, Inc. (VRA) stock declined 4.33 percent to $35.55 in the after-market trading. Profit for the third quarter was $13.0 million or $0.32 per share, up from $6 million or $0.17 per share last year. Revenue grew to $121.1 million from $91.6 million. Analysts had expected profit of $0.28 per share on revenue of $109.9 million. Looking ahead into the fourth quarter, the company expects earnings of $0.44 to $0.47 per share and revenue of $125 million to $130 million, while Street predicts profit of $0.47 per share on revenue of $130.6 million. For the fiscal 2012, the company increased its earnings guidance to range of $1.37 to $1.40 per share from previous forecast of $1.32 to $1.35 per share. The company also lifted its revenue outlook to range of $451 million to $456 million from previous range of $438 million to $443 million. Street analysts predict profit of $1.37 per share on revenue of $445.3 million for the fiscal 2012.

Saia, Inc. (SAIA) stock decreased 3.52 percent to $12.06 in the after-market trading. In a regulatory filing, the company said it entered into a Fourth Amended and Restated Credit Agreement with its banking group and a Second Amendment to the Amended and Restated Master Shelf Agreement with its long-term note holders on Nov. 30.

The amendments to the Restated Agreements include: an increase in borrowing availability under the Restated Credit Agreement from $120 million to $150 million; the addition of an accordion feature that allows for an additional $40 million in total commitments under the Restated Credit Agreement; an extension of the maturity of the Restated Credit Agreement from Jan. 28, 2013 to Nov. 29, 2016; the removal of the adjusted leverage ratio covenant under the Restated Agreements; the reduction of the pricing grid under the Restated Credit Agreement; and amendment fees totaling about $900,000.