II-VI ( IIVI - Get Report), a maker of optical components, rose sharply a day after its earnings beat Wall Street's third-quarter expectations. The company made $7.5 million, or 25 cents a share, up from $5.8 million, or 19 cents a share, a year ago. Revenue for the quarter increased 11% to $59.4 million. Two analysts were looking for earnings of 21 cents.

For the fourth quarter, II-VI forecast revenue of $61 million to $63 million and earnings of 24 cents to 28 cents a share. Full-year revenue should be $229 million to $231 million with earnings of 89 cents to 93 cents, II-VI said. Shares of II-VI were up $2.84, or 16.4%, to $20.18.

GoAmerica ( GOAM), a provider of communications services for people who are deaf, hard-of-hearing or have speech disabilities, rocketed nearly 46% higher after the company's i711.com was chosen as the exclusive IP-based relay service for Nordia's California Relay Services contract.

Nordia, one of three state contract holders that provide relay services to California, previously offered its own IP relay service. Shares of GoAmerica were up $1.54 to $4.90.

North American Scientific saw its shares jump following news that it received clearance from the Food and Drug Administration to market a brachytherapy product for breast cancer. Brachytherapy, or internal radiation therapy, uses radioactive sources or seeds to treat tumors. North American's stock was up 44 cents, or 20%, to $2.63.

Shares of Discovery Laboratories ( DSCO) were getting hammered a day after the company said the U.S. regulatory approval process for Surfaxin, a product for preventing respiratory distress syndrome in premature infants, could be significantly delayed. The reason is that data on Surfaxin's stability weren't sufficient, and new test batches will probably have to be produced.

Because of the delay, Discovery is analyzing all aspects of its business with an immediate goal of conserving cash. Establishing "a commercial infrastructure" is no longer in its near-term plans, the company said. Shares of Discovery were sinking $2.36, or 50.3%, to $2.33.

Schmitt Industries ( SMIT - Get Report) said it has booked several orders from major customers in the data-storage industry for surface-measurement equipment. The company said the orders are worth more than $750,000 and will be shipped in the fourth quarter ending May 31.

Schmitt, a maker of equipment that determines the smoothness of the disks in computer hard drives, was advancing $1.46, or 22.7%, to $7.88.

Alternative-energy play Ballard Power Systems ( BLDP - Get Report) was getting thumped after two separate firms cut their ratings on the company's stock.

Citigroup lowered its rating on Ballard to sell from hold, and RBC Capital Markets cut the stock to underperform from sector-perform. Shares of Ballard, a maker of fuel cells, were dropping $2.60, or 20.8%, to $9.90.