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Below is a brief recap on each of the top-volume, news-driven movers in Tuesday's after-hours, taking a look at specific stocks' after-hours movement and how that trade may offer insight into potential floor supports, ceilings and trading ranges that could develop in Wednesday's pre-market and early regular session.

Phillips-Van Heusen (NYSE:PVH) advanced 1.5% to 67 in Tuesday's after-hours trade after beating Q1 expectations and setting its full year revenue view above the Street and its EPS in line with estimates. PVH spiked to an early after-hours high of 68.70 before scaling back to hold gains between 66.50 and 67.50 through the bulk of night trade. A pre-market open Wednesday may have legs near the 67 to 67.50 range. PVH favors widening near-term, adding to its extended-hours trade the following day in three of the last four quarters. Long-term, it has widened its share moves in 10 of 19 quarters.

Looking deeper into PVH's performance data, the stock favors the long side regardless of its after-hours direction. PVH has seen an earnings-driven after-hours gain in 9 of the 19 quarters tracked in our database. In six of those quarters, or 67% of the time, the stock has added to its upside in the following day's regular session. The bullish history on the long side would have us looking at playing the shares for a next-day gain on Wednesday.

Early buyers may want to linger near the 66.50 to 67 range, levels that stood as a floor support through Tuesday's after-hours trade and where there may be room to catch some upside turns back into the lower- to mid-67s.

Shanda Games (NASDAQ:GAME) gained 2.9% to 7.35 in night trade on the back of better-than-expected Q1 results. GAME firmed to plus-side levels between 7.30 and a high of 7.45 and stayed in this area through the bulk of evening trade. A pre-market open Wednesday looks to have potential surrounding the 7.35 mark. GAME has recorded an earnings-driven after-hours gain in four of the last five quarters tracked in our MT Pro database. 75.0% of the time (3 out of 4 times) the stock followed-through in the same direction by the close of the next day's regular session compared to the Extended Hours "effective close".

When it followed-through, the price closed further in the same direction on average by 5.4% (in 3 events) from the "effective close". GAME's tendency to add to earnings-driven after-hours gains in next-day action would have us looking at a potential upside play in the shares Wednesday. Early buyers may want to target possible entry points surrounding 7.30, an area that could see bumps back into the higher 7.30s, or perhaps retrace its move back into the 7.40s.

Source: Phillips-Van Heusen, Shanda Games: History Suggests Further Upside Wednesday