The top pre-market NASDAQ Stock Market gainers are: CKX, China Valves Technology, Synthesis Energy Systems, China Information Technology, and Fossil. The top pre-market NASDAQ Stock Market losers are: Nanosphere, BioMimetic Therapeutics, SmartHeat, MannKind, and USA Technologies.

Gainers

CKX Inc. (CKXE) stock jumped 20.45 percent to $5.36 in the pre-market trading. Profit for the first quarter was $7.19 million or $0.08 per share, compared to a loss of $5.03 million or $0.05 per share last year. Revenue fell to $53.29 million from $66.65 million.

Our results continue to benefit from the restructuring program we undertook at our 19 Entertainment division in 2010 which helped lead to improvements in first quarter EBITDA of $13.6 million and net income attributable to CKX, Inc. of $7.2 million. We believe that our strategy of focusing on our core properties, including the resurgent American Idol and So You Think You Can Dance, which will begin airing its new season on May 26th, will lead us to a successful 2011, said Michael Ferrel, Chairman and Chief Executive Officer of CKX.

China Valves Technology, Inc. (CVVT) stock climbed 6.75 percent to $4.27 in the pre-market trading. Adjusted earnings for the first quarter was $6.67 million or $0.19 per share, compared to $6.97 million or $0.20 per share last year. Sales grew to $41.95 million from $26.78 million. Analysts had expected a profit of $0.18 per share on revenue of $37.51 million. The company said it is currently focused on bidding for larger projects, which it expects will improve profitability going forward. As of March 31, 2011, backlog of firm orders was $100 million.

We are pleased with a strong start to the year and remain comfortable with our target revenue growth rate of 25%-28% for 2011. We expect to maintain our position as an industry leader in a number of our end-user markets through our focus on innovation, new product introductions and technical excellence. We maintain our target revenue growth rate of 25%-28% for 2011. Due to inflationary pressures, we maintain our gross margin expectation of around 41%-42% for the next few quarters, said Jianbao Wang, Chief Executive Officer of China Valves.

Synthesis Energy Systems, Inc. (SYMX) stock grew 6.71 percent to $3.50 in the pre-market trading. Loss for the third quarter narrowed to $3.56 million or $0.07 per share from $5.28 million or $0.11 per share last year. Revenue rose to $3.13 million from $2.62 million.

The third quarter of 2011 was marked by a series of business development and technology achievements for us, including the signing of our agreement with ZJX and China Energy and further demonstrations of the efficiency and reliability of our U-GAS technology at our Zao Zhuang joint venture plant, said Robert Rigdon, Chief Executive Officer of Synthesis Energy Systems.

China Information Technology, Inc. (CNIT) stock gained 4.81 percent to $2.83 in the pre-market trading. Profit for the first quarter was $8.22 million or $0.16 per share, up from $6.28 million or $0.12 per share last year. Excluding amortization and contingent consideration, earnings rose to $7.36 million or $0.14 per share from $5.99 million or $0.12 per share. Revenue rose to $26.95 million from $25.31 million. For the fiscal 2011, the company reiterated its adjusted earnings guidance of $42 million to $45 million and its revenue outlook of $165 million to $187 million.

Fossil, Inc. (FOSL) stock gained 4.36 percent to $98.10 in the pre-market trading. Profit for the first quarter was $55.82 million or $0.86 per share, up from $35.91 million or $0.53 per share last year. Sales grew 36.6 percent to $536.98 million. Analysts had expected profit of $0.66 per share on revenue of $511.96 million.

Fossil expects second quarter earnings of $0.70 to $0.73 per share, sales growth of 28 percent to 30 percent and operating profit growth of 15 percent to 18 percent, while Street predicts profit of $0.76 per share on revenue growth of 24.20 percent. For the fiscal 2011, the company expects earnings of $4.44 to $4.54 per share and sales growth of 21 percent to 23 percent, while Street predicts profit of $4.37 per share on revenue growth of 21 percent.

Losers

Nanosphere, Inc. (NSPH) stock plunged 24.91 percent to $2.20 in the pre-market trading. The company said it plans to offer shares of its common stock in a public offering. The offering will be made pursuant to a prospectus supplement to the company's prospectus, dated September 15, 2009, filed as part of the company's effective $100 million shelf registration statement.

Piper Jaffray & Co. is acting as the sole book-running manager and Roth Capital Partners, LLC is acting as co-manager for the offering. The company said it intends to use the net proceeds from the offering for general corporate purposes and working capital.

BioMimetic Therapeutics Inc. (BMTI) stock plunged 24.57 percent to $10.10 in the pre-market trading. Loss for the first quarter narrowed to $7.95 million or $0.28 per share from $8.52 million or $0.39 per share last year. Revenue rose to $398,685 from 352,329. Analysts had expected a loss of $0.35 per share on revenue of $210,000.

For the fiscal 2011, the company expects year-end balance of cash, cash equivalents and investments of $43.0 to $50.0 million, and anticipates its net cash use to be between $42.0 and $49.0 million. Net loss for the full year 2011 is forecasted to be in the range of $38.0 million to $45.0 million.

SmartHeat Inc. (HEAT) stock plummeted 16.19 percent to $2.64 in the pre-market trading. Loss for the first quarter was $2.16 million or $0.10 per share, compared to a profit of $1.73 million or $0.05 per share last year. Sales fell to $7.89 million from $9.37 million. Analysts had expected a profit of $0.05 per share on revenue of $11.35 million.

Due to the impact of China's tightened fiscal policy on the company's PHE Unit customers, impact of rising prices on business and the integration costs of Gustrower Warmepumpen GmbH and Shenyang Bingchuan Refrigerating Machine Limited Company, two companies acquired by SmartHeat in Q1 2011, the company is revising its full year 2011 earnings guidance.

For the full year 2011, the company lowered its earnings guidance to range of $0.25 to $0.36 per share from previous forecast of $0.60 to $0.80 per share. The company reduced its revenue outlook to range of $63 million to $93 million from previous range of $120 million to $150 million. Street analysts predict profit of $0.71 per share on revenue of $146.39 million.

MannKind Corp. (MNKD) stock dropped 13.86 percent to $3.79 in the pre-market trading. Loss for the first quarter narrowed to $41.53 million or $0.34 per share from $44.70 million or $0.40 per share last year, while Street analysts predict a loss of $0.29 per share. The company generated revenues of $50,000 in the quarter, compared to no revenues in the same quarter last year.

We recently held a productive End-of-Review meeting with the FDA regarding the path forward for AFREZZA. In this meeting, we were able to clarify many details about the FDA's requirements for approval of AFREZZA, and the agency indicated that its minutes of the meeting would contain additional advice regarding aspects of our planned studies, said Alfred Mann, Chairman and Chief Executive Officer of MannKind.

Once the protocols are finalized, we are ready to initiate the required clinical studies at sites in the United States, Europe and Latin America. As always, we remain committed to our goal of providing a novel treatment to the millions of patients with diabetes, said Mann.

USA Technologies Inc. (USAT) stock fell 9.06 percent to $2.31 in the pre-market trading. Loss for the third quarter was $2.85 million or $0.11 per share, compared to a loss of $2.66 million or $0.12 per share last year. Revenue rose to $5.52 million from $3.69 million.