The top after-market Nasdaq gainers Tuesday were Silicon Image Inc, Global-Tech Advanced Innovations Inc, Depomed Inc, Merge Healthcare Inc and Papa John's International Inc.

The top after-market Nasdaq losers were Career Education Corporation, McGrath RentCorp, Digital River Inc, True Religion Apparel and Horizon Technology Finance Corporation.

Gainers

Silicon Image Inc (SIMG) shares climbed 22.45 percent to $4.80 in after-hours trading Tuesday. The company reported second quarter non-GAAP net income of $0.05 per share, which was flat with the prior year result and topped the consensus estimate of $0.02 per share. The company also guided its third quarter revenue above the consensus estimate.

The shares of Global-Tech Advanced Innovations Inc (GAI) rose 13.33 percent in the post-market to close at $5.10. The company shares declined 5.46 percent on regular trading.

Depomed Inc (DEPO) shares advanced 8.51 percent to $5.99 in the post market trading. The company announced that it has submitted a New Drug Application (NDA) for Serada to the United States Food and Drug Administration. Serada is Depomed's proprietary extended release formulation of gabapentin in the development for the treatment of menopausal hot flashes.

Merge Healthcare Inc (MRGE) shares gained 8.11 percent and reached $3.20 in after-hours trading. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. Merge Healthcare's revenue was up 13.1 percent compared to the same quarter last year.

Papa John's International Inc (PZZA) shares surged 6.70 percent to $54.43 in after-hours trading Tuesday. The company reported an increase in its revenue and profit for the second quarter of 2012, compared to the prior year. Earnings per share, excluding items, were $0.61 compared to $0.47 the prior year. Analysts expected the company to report a profit of $0.56 per share on the revenue of $311.07 million for the quarter. Papa John's also raised its 2012 guidance for earnings per share and North America and International comparable sales.

Losers

Career Education Corporation (CECO) shares slumped 16.66 percent to $13.30 in the post market trading Tuesday. The company reported a loss for the second quarter, compared to a profit last year, as revenues declined. On an adjusted basis, loss from continuing operations were $0.18 per share, as compared to earnings of $0.73 per share last year, while analysts expected a loss of $0.01 per share on revenues of $383.54 million for the quarter (excluding one-time items.)

McGrath RentCorp (MGRC) shares plunged 9.81 percent to $24.00 in the post-market trading. The company reported a second quarter EPS of $0.06, worse than the analysts' estimate of $0.48. The revenue for the quarter came in at $83.8 million versus the consensus estimate of $86.87 million.

Digital River Inc (DRIV) shares lost 13.66 percent in after-hours trading to reach $15.36. The company reported second quarter EPS of 20 cents, better than the analysts' estimate of 18 cents, but the revenue for the quarter came in at $90.8 million versus the consensus estimate of $93.37 million.

True Religion Apparel Inc (TRLG) shares dropped 12.58 percent to $22.94 in after-hours trading. The company reported second quarter profit (EPS of $0.39) that exceeded analysts' expectations (EPS of $0.35). Total net sales increased 6.8 percent to $104.9 million versus the consensus estimate of $107.31 million. The company currently anticipates its full-year results to be below market expectations.