Sun Microsystems, Inc. (SUNW: chart) said after the bell Thursday that it reversed course to a quarterly profit from a year-ago loss, as the network computing company improved profit margins, cut expenses and continued to generate positive cash flow from operations. Santa Clara, California-based Sun posted net income of $19 million, or 1 cent per share, for its fiscal 2005 second quarter, bouncing back from a net loss of $125 million, or 4 cents per share, for the same quarter last year. Excluding items, earnings totaled $28 million, or a penny a share, for the quarter ended December 26, compared with a prior-year loss before items of $99 million, or 3 cents a share. The earnings matched Wall Street’s consensus estimate. However, sales in the quarter slipped 1.6% to $2.84 billion from $2.89 billion, for the 2004 equivalent. Analysts had been expecting revenue of $2.94 billion. For the first six months of 2005, the company narrowed its loss to $128 million, or 4 cents per share, from $411 million, or 13 cents per share, last year. Sales rose to $5.47 billion from $5.42 billion.

Sun shares inched down 3 cents to $4.58 at market close Thursday. The stock dipped 3.93% to $4.40 in after-market trade.

General Motors Corporation (GM: chart) warned Thursday that it expects this year earnings to drop from 2004 levels, citing weak performance at its finance arm and higher health-care costs. The Detroit, Michigan-based world’s top automaker said it sees 2005 profit in the range of $4 to $5 per share, excluding items. Analysts predicted earnings of $4.78 per share, on average. For its fiscal 2004 full year, GM repeated that it expects to earn between $6 and $6.50 per share, excluding items.

The stock slid 2.79% on Thursday to $37.32. GM shares gained 3 cents to $37.35 in the extended session.

Marshall & Ilsley Corporation (MI: chart) reported Thursday fourth-quarter net income of $173.8 million, or 76 cents per share, a 23% jump compared with income of $141.1 million, or 62 cents per share, for the 2003 equivalent. Excluding items, the Milwaukee, Wisconsin-based banking firm posted a profit of 70 cents per share, meeting analysts’ expectations. The company attributed the results to strong net interest income and non-interest revenue, which increased 7% to $296.4 million and 42% to $435.2 million, respectively.

Company shares closed Thursday at $42.10, down 11 cents, or 0.26%. The stock edged up 2 cents to $42.12 in after-hours trading.

MGIC Investment Corporation (MTG: chart) of Milwaukee, Wisconsin, announced Thursday higher quarterly profits, aided by improved credit loss performance and lower expenses. The mortgage insurance firm turned in net earnings of $134.5 million, or $1.39 per share, for its fourth quarter, up 29% from $103.9 million, or $1.05 per share, generated a year ago. Quarterly revenues eased 3.4% from last year to $403.1 million, hurt by a decline in net premiums. The company said higher net income from joint ventures, which rose to $33.4 million from $21.9 million, also helped lift its results.

The stock gained 73 cents to close Thursday at $66.73.

Cree, Inc. (CREE: chart) posted Thursday quarterly income that surged 92% from a year earlier, driven by strong revenue growth. The Durham, North Carolina-based developer of semiconductor materials and devices, including LED lights, rolled out a net profit of $25 million, or 32 cents per share, for its fiscal second quarter, against a profit of $13 million, or 17 cents per share, for the 2004 corresponding quarter. Revenue for the quarter advanced 34% to $97.5 million. Gross margin, however, declined sequentially due to increased LED costs, lower-than-expected December LED shipments and lower LED average sales prices.

Looking ahead, Cree forecast income of 24 cents to 27 cents per share for the third quarter, which is below the mean analysts’ estimate of 32 cents per share.

Cree shares edged up 94 cents to $35.07 at market close Thursday. The stock plummeted 22.10% to $27.32 in after-market trade.

Apple Computer, Inc. (AAPL: chart) reported Wednesday a huge rise in its quarterly profits, driven by surging sales of its iPod digital music players and continued strong demand for its Macintosh computers. The Cupertino, California-based company said that its fiscal 2005 first-quarter net income more than quadrupled to $295 million, or 70 cents a share, from year-earlier income of $63 million, or 17 cents a share. The earnings powered past the average analysts’ forecast of 49 cents a share. For the quarter ended December 25, revenue soared 74% to $3.49 billion from $2 billion, a year ago. That was also well beyond analysts’ projections for revenue of $3.14 billion. Apple said it shipped 4.58 million iPods during the quarter, which represents a 525% increase from last year. In its Mac unit, the company boosted shipments by 26% to 1.05 million.

Infosys Technologies Limited (INFY: chart) posted Wednesday quarterly earnings that jumped 52% from last year, boosted by strong outsourcing demand. The Bangalore, India-based information technology services firm reported a net profit of 4.97 billion rupees ($114 million) for its fiscal third quarter, compared with 3.28 billion rupees, generated a year earlier. Quarterly revenue leapt 49% to 18.76 billion rupees ($423 million).

Innovex, Inc. (INVX: chart) of Maple Plain, Minnesota, said Wednesday that it swung to a loss of $1 million, or 5 cents a share, in its first quarter, from a prior-year profit of $1.6 million, or 8 cents a share. The provider of flexible circuit interconnect solutions blamed the results on restructuring charges and supply issues related to its FSA product. Excluding items, the company had a loss of 3 cents a share. Analysts had predicted a loss of 5 cents a share, on average. Revenue in the quarter eased to $40 million from $44.3 million.

SYNNEX Corporation (SNX: chart) announced Wednesday a 77% surge in its quarterly income, helped by stronger sales. The Fremont, California-based information technology supply chain services company turned in fourth-quarter net earnings of $15.3 million, or 50 cents per share, which reflect proceeds from its initial public offering. For the 2003 equivalent, earnings were $8.6 million, or 35 cents per share, including a charge of $1.3 million, or 5 cents per share. Synnex recorded revenue of $1.48 billion for the fourth quarter, an 18% rise year-over-year.

M.D.C. Holdings, Inc. (MDC: chart) on Wednesday turned in a profit of $142.6 million, or $3.17 per share, for its fiscal fourth quarter, compared with a profit of $67 million, or $1.52 per share, for the 2003 corresponding period. The Denver, Colorado-based homebuilder said quarterly revenue advanced 56% from a year ago to $1.34 billion. The fourth-quarter results beat analysts’ estimates for a profit of $2.82 per share and revenue of $1.26 billion. MDC cited strong demand and higher home prices as main contributors for the improvement.