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There are 7 stocks investors should keep an eye for potential upside or downside when the market opens on Friday. These stocks will react to the company's announcement of financial results or other developments. Four stocks are poised for likely gains, three stocks face downside risk.

While Zipcar (ZIP) has evoked interest in extended hours trading following better than expected results for Q3 and an upbeat outlook for Q4, Kayak Software (NASDAQ:KYAK) surged over 25% after Priceline.com (NASDAQ:PCLN) announced its intention to buy Kayak Software for $40 a share. Lionsgate (NYSE:LGF) and Allscripts Healthcare Solution (NASDAQ:MDRX) also gained 8.6% and 7% respectively after normal trading closed on Thursday following their September quarter results.

On the downside, Groupon (NASDAQ:GRPN) is likely to face investor ire for below than expected results. The stock was hammered by 16% after hours Thursday. Nordstrom's (NYSE:JWN) EPS for Q3 missed estimates.\ while Walt Disney's (NYSE:DIS) revenue for Q4 was lower than expected. These two stocks slipped 3% and 2% respectively in the after hours trading Thursday.

Zipcar reported a surge in profit to $4.3 million or EPS of 10 cents for the third quarter from $651K or EPS of two cents. Revenues advanced 15% to $78.2 million from $68.1 million. Street analysts have predicted the company to earn one cent a share of profit and revenues of $75.7 million.

Moving ahead, Zipcar guided Q4 revenues to be $67 - $71 million and profit to be break-even to $3.0 million. Wall Street analysts estimate the company will earn EPS of 9 cents and revenues of $69.3 million. For the full year, the company sees revenues of $275 - $279 million and profit between $1 and $4.0 million. Analysts expect EPS of 2 cents and revenues of $274.63 million. Following this, shares of Zipcar surged more than 28% in the extended hours trading on Thursday.

Another company, Lionsgate, earned a profit of $75.5 million or EPS of 56 cents for Q2 compared to a net loss of $25.3 million or a loss of 19 cents a share in the last year. Revenues surged to $706.97 million from $358.08 million. Analysts were expecting the company to report EPS of 12 cents and revenues of $623.32 million. The strong Q2 results were driven by "The Hunger Games" video sales. Following this, the stock gained over 8% after hours.

Allscripts Healthcare Solutions is one more company to be watched for upside. The company reported net income of $9.4 million or EPS of 5 cents for the third quarter, down from $19.1 million or EPS of 10 cents in the year-ago quarter. On an adjusted basis too, net income dipped to $39.4 million or EPS of 23 cents from $45.2 million or EPS of 24 cents. Non-GAAP revenue slackened to $361.0 million from $366.3 million. Analysts predicted the company to earn 22 cents a share and revenues of $377.01 million. The company disclosed that it would also evolve strategic alternatives sending the stock up by more than 6% after hours.

Meanwhile, Kayak Software stock surged over 25% after markets closed on Thursday following the acquisition announcement by Priceline.com for $40 a share valuing the deal at $1.8 billion. Kayak also reported a profit of $8.0 million for Q3, up 14% from $7.0 million and EPS rose to 19 cents from 18 cents in the last year. On an adjusted basis, EPS was 26 cents. Revenues grew 29% to $78.6 million from $61.2 million. Analysts were expecting the company to earn 19 cents a share and revenues of $77.36 million.

On the downside, Groupon suffered a net loss of $3.0 million or breakeven a share for Q3, narrower than $54.2 million or a loss of 18 cents a share in the year-ago quarter. Consolidated revenues increased 38.2% to $568.55 million from $430.16 million. The results were lower than analysts' expectations of EPS of 3 cents and revenues of $590.12 million.

Going forward, the company guided Q4 revenues to be $625 - $675 million. The midpoint of $650 million is above analysts' expectations of $633.87 million. Yet, the stock was hammered by more than 16% after hours.

Nordstrom is another company to witness a 3% fall in the extended hours of trading on Thursday. The company reported a profit of $146 million for Q3, up 15% from $127 million and EPS increased 20.3% to 71 cents from 59 cents in the last year. Total revenues grew to $2.81 billion from $2.48 billion. Analysts estimated the company to earn 72 cents a share and revenues of $2.8 billion. Same store sales advanced 10.7%. The company lifted the bottom end of its earlier EPS forecast for fiscal 2012 to $3.45 - $3.50 from $3.40 - $3.50. Similarly, Nordstrom lifted the same store outlook to 6.5% - 7% from 6% - 7%. Analysts are expecting the company to earn $3.49 a share.

One more company sell off was Disney. The entertainment company reported net income of $1.24 billion or EPS of 68 cents for Q4, up from $1.09 billion or EPS of 58 cents. Revenues rose 3% to $10.78 billion from $10.43 billion. While EPS came in line with a Street prediction of 68 cents, revenues came in below estimation of $10.92 billion sending the stock down by 2% after the normal markets closed on Thursday.

Source: Friday Morning: 7 Stocks To Watch Post-Earnings