Electronic Arts, Inc. (NASDAQ:ERTS) shares were up 12% to $59.45 in heavy trading with two hours to go in the session. Already in the pre-market, ERTS rose more than 8% after reporting earnings that beat estimates and boosting its fiscal year guidance as well as having a positive industry outlook for next year.

ERTS reported a 16% increase in sales for the quarter to $784 million, while analysts had expected $673 million. Some of the company's games such as the Madden NFL '07 and NCAA Football '07 saw record sales. The company is gearing up for the new PlayStation 3 from Sony Corporation (NYSE:SNE) which should launch this month.

Electronic Arts also raised its full-year sales forecast and said it would earn up to 15 cents a share for the year. This is compared to a previous forecast of breaking even.

Conversely, shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) plunged more than 27% to $33.52 in heavy trading today. The casual hamburger restaurant reported quarterly earnings yesterday, posting earnings of $6 million, or 36 cents a share, on revenue of $148.6 million. While analysts were expecting 43 cents a share, excluding a charge, the company would have earned 42 cents a share. The company also lowered its forecast for the year.

Red Robin was hit with four downgrades from CIBC, Friedman Billings Ramsey, Bank of America and Bear Stearns. Weakness in new markets and a reduction in earnings growth were cited as reasons for the downgrades.