12:45PM New York – CB Richard Ellis Group, Inc led the decliners in the S&P 500 index with a loss of 4.8%. Fred’s, Inc posts fourth quarter profit. Paychex, Inc third quarter net falls. Red Hat, Inc fourth quarter profit slips.

Of the stocks in S&P 500 index, 442 increased, 57 declined and one was unchanged.

CB Richard Ellis Group, Inc led decliners in the S&P 500 index with a loss of 4.8% followed by losses in ProLogis with a loss of 4.7%, in Yahoo! Inc of 2.6%, in HCP, Inc of 2.1%, in Equity Residential of 2.0%.

Best Buy Co., Inc led gainers in the S&P 500 index with a rise of 14.2% followed by gains in General Motors Corporation of 9.8%, in JDS Uniphase Corporation of 9.0% and Memc Electronic Materials Inc of 8.5%.

Other Movers

Best Buy Co., Inc (BBY) added 12.6% or $4.29 to $37.89 after the world''s largest consumer electronics retailer reported fourth quarter revenues rose 10% to $14.7 billion from $13.4 billion a year ago. Net income in the quarter fell 23% to $570 million or $1.35 per diluted share compared to net income of $737 million or $1.71 per share a year ago.

Barclays PLC (BCS) rose 10.7% or 81 cents to $7.95 as financials rose in London and New York trading.

CB Richard Ellis Group, Inc (CBG) a commercial real estate services firm fell 4.8% or 23 cents to $4.69.

Celanese Corporation (CE) gained 7.2% or 96 cents to $14.15 after the specialty chemical makers was recommended by Citigroup in its latest research note.

Citi Trends, Inc (CTRN) added 4.6% or 70 cents to $15.88 after the retailer of urban fashion apparel and accessories said fourth quarter sales rose 8.9% to $146.6 million from $134.6 million a year ago. Net income in the quarter rose 20% to $10.1 million or 70 cents per diluted share compared to net income of $8.4 million or 59 cents per share a year ago.

ConAgra Foods, Inc (CAG) jumped 5.4% or 84 cents to $16.40 after the packaged food company reported third quarter revenues rose 6% to $3.13 billion from $2.96 billion a year ago. Net income in the quarter fell 37.5% to $193.2 million or 43 cents per diluted share compared to net income of $309.1 million or 63 cents per share a year ago.

Cornerstone Therapeutics, Inc (CRTX) increased 44.9% or $1.55 to $5.00 after the biopharmaceutical company reported full-year revenues surged 131% to $64.9 million from $28.1 million a year ago. Net income in the quarter was $9 million or $1.14 per diluted share compared to net income of $0.6 million or 8 cents per share a year ago.

Denbury Resources Inc (DNR) gained 2.0% or 33 cents to $16.56 after The Plano, Texas-based oil and natural-gas producer announced that it has entered into oil derivative contracts for the second quarter of 2010. The derivative contracts cover 25,000 Bbls/d with a floor price of $50.00 per Bbl and a ceiling price ranging from $73.15 to $76.40 per Bbl with a weighted average ceiling price of $74.60 per Bbl.

Denbury was selected to replace Rohm & Haas in the S&P 500 index.

Dr Pepper Snapple Group Inc (DPS) surged11% or $1.66 to $17.17 after it projected annual earnings of $1.67 a share higher than estimates of between $1.51 and $1.62 a share from analysts surveyed by Thomson Reuters.

Fred’s, Inc (FRED) lost 5.1% or 60 cents to $11.03 after the discount general merchandise stores reported fourth quarter revenues fell 5% to $469.4 million from $494.1 million a year ago. Net income in the quarter was $2.27 million or 6 cents per diluted share compared to net loss of $4.39 million or 11 cents per share a year ago.

GameStop Corp (GME) rose 4.3% or $1.17 to $28.01 after the world’s largest video game and entertainment software retailer reported fourth quarter sales rose 21.9% to $3.5 billion from $2.9 billion a year ago. Net income in the quarter rose 22.4% to $232.3 million or $1.39 per diluted share compared to net income of $189.8 million or $1.14 per share a year ago.

Paychex, Inc (PAYX) fell 2.6% or 64 cents to $23.62 after the provider of payroll and personnel services said third quarter sales fell 1% to $528.6 million from $532.2 million a year ago. Net income in the quarter fell 8% to $130.8 million or 36 cents per diluted share compared to net income of $142.5 million or 39 cents per share a year ago.

Red Hat, Inc (RHT) climbed 9.6% or $1.45 to $16.45 after the provider of open source solutions said fourth quarter revenues rose 17% to $166.2 million from $141.5 million a year ago. Net income in the quarter fell 27% to $16 million or 8 cents per diluted share compared to net income of $22 million or 10 cents per share a year ago.

SAIC, Inc (SAI) rose 2.8% or 51 cents to $18.20 after the provider of scientific, engineering, systems integration and technical services for defense projects and solutions said fourth quarter revenues rose 8% to $2.52 billion from $2.33 billion a year ago. Net income in the quarter rose 21% to $120 million or 30 cents per diluted share compared to net income of $99 million or 24 cents per share a year ago.