The top after-market NASDAQ Stock Market gainers are: ViroPharma, WebMD Health, Jazz Pharmaceuticals, Oritani Financial, and Momenta Pharmaceuticals. The top after-market NASDAQ Stock Market losers are: RF Micro Devices, Vical, Integra LifeSciences Holdings, Morgans Hotel Group, and Zoltek Companies.

Gainers

ViroPharma Inc. (VPHM) stock gained 4.61 percent to $29.50 in after-market trading. The company has said it expects full year 2012 worldwide net product sales of $600 million to $660 million, while Street predicts $593.24 million. The company expects net U.S. Cinryze sales of $310 million to $330 million, while net Vancocin sales are expected to be $260 million to $310 million. ViroPharma expects research and development, and selling, general and administrative expenses of $230 million to $260 million.

Whether measured by the continued progress and growth we demonstrated with our marketed life-saving therapies, or by the advancements we've made towards bringing additional solutions to patients suffering from severe unmet medical needs, the positive momentum generated throughout the period was palpable. We believe that the work we did in 2011 laid the foundation for continued strong financial growth in 2012, as evidenced by the guidance we are providing today, said Vincent Milano, an analyst at ViroPharma.

WebMD Health Corp. (WBMD) stock increased 4.25 percent to $39.50 in after-market trading.

Jazz Pharmaceuticals, Inc. (JAZZ) stock gained 4.20 percent to $43.20 in after-market trading. The company said it provided financial outlook for the fiscal 2012 reflecting its planned merger with Azur Pharma Public Ltd. Co. Jazz said the merger is expected to be completed during the week of Jan. 16. The company also said the Hart-Scott-Rodino waiting period has expired. Jazz expects full year 2012 adjusted earnings of $240 million to $249 million or $4.00 to $4.15 per share and revenue of $465 million to $490 million, while Street predicts profit of $3.40 per share on revenue of $462.81 million. The company expects total product sales for the full year of $460 million to $485 million, with Xyrem product sales of $330 million to $340 million.

Oritani Financial Corp. (ORIT) stock increased 4.15 percent to $13.80 in after-market trading.

Momenta Pharmaceuticals, Inc. (MNTA) stock rose 4.10 percent to $19.70 in after-market trading.

Losers

RF Micro Devices, Inc. (RFMD) stock plunged 15.78 percent to $4.75 in after-market trading. The company said it recorded third quarter sales of about $225 million, lower than last year's $278.79 million, while Street predicted $250.21 million. The company had expected to report third-quarter sales of $250 million. RF Micro Devices said its Cellular Products Group's third-quarter sales was about $179 million, as demand for 2G components from China-based customers for entry-level handsets failed expectations. In Multi-Market Products Group, revenue was about $46 million, reflecting weakness in end markets. Additionally, the company said it expects gross margin for the quarter to decline about 9 points sequentially, due to the lower revenue, pared factory utilization, and inventories. Looking ahead into the fourth quarter, the company said it expects normal seasonality in the handset industry and in Multi-Products Group's end markets.

Vical Inc. (VICL) stock plummeted 12.38 percent to $3.75 in after-market trading. The company said it intends to offer and sell shares of its common stock in an underwritten public offering. Citigroup, Credit Suisse Securities (USA) LLC and Leerink Swann LLC are acting as joint book-running managers and Rodman & Renshaw, LLC is acting as co-manager in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Integra LifeSciences Holdings Corp. (IART) stock fell 9.84 percent to $27.50 in after-market trading. The company said it expects fourth quarter adjusted earnings of $0.65 to $0.70 per share and its revenue of $202 million to $203 million, while Street predicts profit of $0.79 per share on revenue of $212.8 million. For the full year 2011, the company lowered its adjusted earnings guidance to range of $2.74 to $2.79 per share from previous forecast of $2.88 to $2.96 per share, while Street predicts $2.91 per share. For 2012, the company expects adjusted earnings to grow about 8 percent to 9 percent over final 2011 results, and revenue to increase about 8 percent on a constant currency basis and 7 percent on a reported basis over final 2011 results. The company said the reduced expectations for revenue and earnings in 2012 were the result of the soft performance in the fourth quarter of 2011, a stronger dollar compared to the Euro, international economic risk, and slightly lower growth expectations for the domestic extremity product lines.

Additionally, Integra said it received a warning letter from the United States Food and Drug Administration (FDA) related to quality systems and compliance issues at its collagen manufacturing facility located in Plainsboro, New Jersey. The company said the letter resulted from an inspection held at that facility in August 2011, and did not identify any new observations that were not provided in the Form 483 that followed the inspection. Since the conclusion of the inspection in late August, 2011, Integra said it had undertaken significant efforts to remediate the observations that the FDA has made and that it continues to do so. The company said it completed construction activities at the facility and all clean rooms were in production at the end of 2011.

Morgans Hotel Group Co. (MHGC) stock declined 5.24 percent to $5.79 in after-market trading.

Zoltek Companies, Inc. (ZOLT) stock decreased 3.97 percent to $7.50 in after-market trading.