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Friday's biggest gaining and declining stocks

CHICAGO (MarketWatch) -- Here were some of Friday's biggest gaining and declining stocks:

Gainers

ANN INC. (ANN) , parent of women's clothing retailer Ann Taylor, shares jumped 20%. The company reported strong quarterly earnings and raised its full-year outlook.

Francesca's Holdings Corp. (FRAN) rallied 11% on the disclosure that Fidelity Management Corp.'s position in the retailer increased by 13% during the three-month period ended June 30.

Impac Mortgage Holdings Inc. (IMH) shares rose nearly 23%. Earlier this week, the stock jumped 87% following the company's report of a more than 11-fold increase in second-quarter profit on a 33% increase in sales of mortgage loans.

Meadowbrook Insurance Group Inc. (MIG) shares rose 6% after Friedman, Billings and Ramsey lifted its rating to outperform from market perform.

MetroPCS Communications Inc. (PCS) stepped up 5.1% and Leap Wireless International Inc. (LEAP) rallied 7.6% after J.P. Morgan said Sprint Nextel Corp. (S) is now in an improved position to acquire either company.

Oplink Communications Inc. (OPLK) shares rose 14% after the provider of optical networking equipment issued a fiscal first-quarter adjusted earnings outlook of 16 to 22 cents per share. Analysts polled by FactSet had been expecting a profit of 17 cents a share in the period.

Decliners

Aeropostale Inc. (ARO) shares fell 11% after the retailer issued a weaker-than-expected profit forecast for the current quarter.

America's CAR-MART Inc. (CRMT) fell 5.8% after its report of weaker-than-expected first-quarter results.

Ion Geophysical Corp. (IO) plunged 11%.The energy firm said on Thursday it would "pursue all available legal options," including a possible appeal, after a federal jury returned a verdict against the Houston-based company in a patent-infringement case dating from 2009.

iSoftStone Holdings Ltd. (ISS) shares fell nearly 10% after the company reported weaker-than-expected second-quarter earnings.

Kirkland's Inc. (KIRK) dropped 8.6% after the retailer posted a wider second-quarter loss and issued a disappointing outlook for the current period.

Life Partners Holdings Inc. (LPHI) slid 18% on news that Texas regulators have filed a civil court complaint asking that a receiver seize control of the life-insurance seller, alleging that it has defrauded investors.

Marvell Technology Group(MRVL) fell 14% after the company reported disappointing quarterly results and outlook. The semiconductor firm said it's feeling pressure from weaker PC and smartphone demand and heightened competition in the Chinese phone market.

Molycorp Inc. (MCP) slipped 12% following the mining firm's offering of 12 million shares, which priced at a steep discount to the company's Thursday close.