3:00PM NY, U.S. Market Movers
Garmin, Asian Satellite, Dollar Thrifty, Deere and Corillian jump on earnings and possible buy out news.

Affiliated Computer Services Inc. (ACS: chart) second-quarter profit fell from a year ago, but the company beat analysts'' forecast for its bottom line by a penny. The IT services company said it earned $72.1 million, or 72 cents per share, compared with $102.4 million, or 81 cents per share, in the same three-month period last year. This year''s quarter included 9 cents per share in legal and other expenses related to the company''s stock option inquiry. Shares outstanding fell to 100.2 million from126.9 million. Revenue rose 5.9% to $1.43 billion.

Asia Satellite Telecommunications Holdings Ltd. (SAT: chart) shares climbed 28.2% after the company said its major shareholder planned to take the company private to allow management to focus on business development in competitive market. Modernday Ltd., jointly owned by CITIC Group and General Electric Capital Corp., plans to offer HK$18.30 a share in cash for 121.4 million Asia Satellite shares or 31.1% stake.

Corillian Corp. (CORI: chart) rocketed more than 45% after the company, which sells Internet-based software to financial services firms, agreed to sell itself to electronic payment processor CheckFree (CKFR: chart) for $5.15 per share, or roughly $245 million. The deal will close around June 1. Corillian gained $1.57 to $5.02. Checkfree shares dipped 42 cents, or 1%, to $41.20.

DaimlerChrysler (DCX: chart) shares rose 7.9% after the company unveiled a restructuring plan that calls for the elimination of about 13,000 jobs within its Chrysler group. The automaker said fourth-quarter profit dropped 40% to 577 million euros ($749 million), while revenue slipped 2% to 40.66 billion euros. While Chrysler Group swung to a 124 million euro operating loss, Mercedes Group''s operating profit rose to 1.3 billion euros during the quarter. Its truck division more than tripled its operating profit, and its financial services operating profit improved 15%.

Deere & Co. (DE: chart) jumped 10% after the tractor maker''s first-quarter results topped expectations. For the last quarter, the company earned $238.7 million, or $1.04 per share, on revenue of $4.43 billion. Analysts expected earnings of 79 cents per share and revenue of $3.85 billion. A year earlier, the company earned $235.9 million, or 99 cents per share, on revenue of $4.2 billion.

Dollar-Thrifty Automotive Group (DTG: chart) shares rose 8.3% after the rental car subsidiary of DaimlerChrysler, and Vanguard Car Rental, the private rental company that runs Alamo and National, are exploring merge possibility in a deal worth more than $3 billion, according to an article published Wednesday in The New York Times.

First Solar Inc. (FSLR: chart) shares soared 25% after the maker of solar modules posted better-than-expected fourth-quarter results. The company earned $8 million, or 12 cents a share, compared with Wall Street''s forecast for a loss of 7 cents a share. Revenue totaled $52.7 million, topping analysts'' mean estimate of $43 million. A year earlier, First Solar posted a loss of $7.2 million, or 14 cents a share, on revenue of $13.6 million. Shares were trading up $8.84 to $43.12.

Garmin Ltd. (GRMN: chart) said quarterly earnings more than doubled helped by its automotive/mobile segment and forecast a strong 2007, sending its shares to a new high to $56, up 7% today. Net income for the quarter surged to $180.3 million or 82 cents a share, from $87.1 million, or 40 cents a share, a year ago. Excluding foreign exchange, it earned 87 cents a share. Revenue rose over 90% to $611.2 million boosted by its automotive/mobile segment revenue, which rose 173 percent to $445 million.

Kreisler Manufacturing Corp. (KRSL: chart) shares jumped 41.5% after the precision metal components and assemblies manufacturer, said that its second-quarter net earnings increased to $607,000, or 33 cents per share, compared with $289,794, or 16 cents per share last year. Revenue climbed to $6.02 million versus $4.43 million in the same period a year earlier.

SPSS Inc. (SPSS: chart) jumped after the analytical-software company said fourth-quarter operating income spiked 36% to $11.7 million from a year ago; excluding a large no cash income tax charge, per-share earnings totaled 43 cents. Revenue rose 14% year over year to $71.1 million. Analysts polled by Thomson Financial were looking for 34 cents a share on revenue of $67.5 million. Shares of the Chicago-based company were up $4.91, or 15.4%, to $36.79.

Carter''s (CRI: chart) was sliding on disappointing 2007 guidance. The Atlanta-company pegged full-year profits between $1.42 and $1.49 a share on sales of $1.4 billion to $1.42 billion, and expects no same-store sales growth. Wall Street is seeking earnings of $1.72 a share on sales of $1.47 billion.

Daktronics Inc. (DAKT: chart), electronic scoreboards and video displays maker, said that its third-quarter net income increased to $7.03 million, or 17 cents per share, compared with $4.04 million, or 10 cents per share, in the year-ago period. Revenue climbed to $106.7 million against $71.1 million in the same period a year earlier. Shares were down 21.7%.

7:30AM NY-6:30PM Mumbai Sensex declines further on RBI hike of CRR.
The Sensex on BSE finished 81.08 points, or 0.58%, lower at 14,009.90. The market breadth was negative, out of 2,564 stocks traded, 1,491 declined, 1,012 advanced and the rest 61 were unchanged. Of the 30 stocks in the Sensex index, 15 advanced, while the rest declined. The turnover on BSE was Rs 3,998 crore, lower than Rs 4,875 crore on Monday, while on NSE, the turnover was Rs 8,878.7 crore, also lower than Rs 9,995.7 crore on Monday.

Economic news

In an attempt to put inflation under control, the Reserve Bank of India raised, on Tuesday, the cash reserve ratio, popularly known as CRR. This refers to the level of deposit banks have to maintain with the Reserve Bank of India. The Reserve Bank of India hiked it by half a percentage point to 6%. The move will reduce the funds available for lending and may lower profitability of banks. The RBI took this step to curb the fast rising inflation in consumer prices and speculation in real estate prices.

India, the second largest wheat producer in the world, has banned all exports of wheat for the rest of the year 2007. No wheat was exported in 2006 as the country had to import the commodity for the first time in six years following a weak crop.

German bourse Deutsche Borse has acquired a 5% stake in the Bombay Stock Exchange for Rs 189 crore, putting the value of the oldest stock exchange in Asia at around Rs 3,800 crore or $855 million.

Corporate news

Vodafone announced it would invest two billion dollars over the next couple of years to expand Hutch-Essar into rural India, while promising cheaper mobile rates and better services to customers.