The top after-market NASDAQ gainers are: Saba Software, Urban Outfitters, Skullcandy, Cypress Semiconductor, Avanir Pharma and Atmel Corp. The top after-market NASDAQ losers are: Liquidity Services, Perceptron, Diamond Foods and BioMarin Pharma.

Gainers:

Shares of Saba Software, Inc. (NASDAQ:SABA) surged 12.44 percent, or $1, to $9.04 after Gartner has positioned cloud computing company as a "Leader" in the 2011 "Magic Quadrant for Web Conferencing" report. The report provides guidance for organizations that are looking to implement Web conferencing solutions for benefits such as increased collaboration, cost savings and reduced business travel.

Urban Outfitters, Inc. (NASDAQ:URBN) shares gained 9.60 percent, or $2.54, to $29 after it said in a regulatory filing that retail segment same-store sales were up in the mid-single digits so far in the fourth quarter.

Shares of Skullcandy, Inc. (NASDAQ:SKUL) advanced 7.68 percent, or 96 cents, to $13.46.

Shares of Cypress Semiconductor Corp. (NASDAQ:CY) rose 6.34 percent, or $1.10, to $18.46 after it said Avago Technologies, Inc. (NASDAQ:AVGO) has dropped its patent lawsuit against Cypress over Optical Navigation Technology.

Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) edged up 6.14 percent, or 14 cents, to $2.42 after it reported higher revenues in its fourth quarter.

Shares of Atmel Corp. (NASDAQ:ATML) advanced 4.20 percent, or 36 cents, to $8.94.

Losers:

Shares of Liquidity Services, Inc. (NASDAQ:LQDT) fell 2.82 percent, or $1.04, to $35.90.

Perceptron, Inc. (NASDAQ:PRCP) shares declined 2.72 percent, or 14 cents, to $5.

Diamond Foods, Inc. (NASDAQ:DMND) dropped 2.59 percent, or 81 cents, to $30.49 after it missed a deadline for filing its first quarter results as it is working on an internal accounting probe that delayed the acquisition of Pringles from Procter & Gamble Co. (NYSE:PG).

BioMarin Pharmaceutical  Inc. (NASDAQ:BMRN) fell 2.45 percent, or 81 cents, to $32.29.