11:00AM New York – Sun Microsystems, Inc led gainers in the S&P 500 index with a rise of 64.4%. Adobe Systems Incorporated first quarter earnings fall yet top estimate. Darden Restaurants third quarter net drops 15%. General Mills falls on lower than expected earnings guidance.
Of the stocks in S&P 500 index, 101 increased, 390 declined and 9 were unchanged.
Of the stocks in S&P 500 index, 93 gained, 403 increased and 4 were unchanged. General Mills led the decliners in the index with a loss of 9% followed by losses in Lincoln National Corp of 7.3%, in Capital One Financial of 6.5%, in Jacobs Engineering of 6.4% and in DR Horton of 6.3%.
Sun Microsystems surged 66% and led the gainers in the S&P 500 index stocks followed by gains in AIG of 25%, in E*Trade Financial of 19%, in Darden Restaurant of 15% and in Citigroup of 11%.
) declined 4.3% or 51 cents to $11.24 after the aerospace supplier said third quarter sales fell 10% to $338.8 million from $376.6 million a year ago. Net income in the quarter fell 0.5% to $20 million or 48 cents per diluted share compared to net income of $20.1 million or 47 cents per share a year ago.
Adobe Systems Incorporated
) added 3.6% or 68 cents to $19.13 after the diversified software company said first quarter sales fell 12% to $786.4 million from $890.4 million a year ago. Net income in the quarter fell 29% to $156.4 million or 30 cents per diluted share compared to net income of $219.4 million or 38 cents per share a year ago.
Capital One Financial Corporation
) dropped 7.1% or 95 cents to $12.42 after the diversified banking company surprised analysts by saying the percentage of uncollectible auto loans fell to 4.44% in February, down from 6.09% in January.
) surged 11.1% or 28 cents to $2.79.
Darden Restaurants, Inc
) gained 10% or $3.00 to $32.90 after the casual dining chain operator reported third quarter revenues fell 1% to $1.80 billion from $1.81 billion a year ago. Net income in the quarter fell 15% to $107.5 million or 78 cents per diluted share compared to net income of $126 million or 88 cents per share a year ago.
Developers Diversified Realty Corporation
) a self-administered and self-managed real estate investment trust lost 7.2% or 16 cents to $2.04.
E*TRADE Financial Corporation
) climbed 17.6% or 16 cents to $1.07 after the financial services company loan delinquencies in its home equity portfolio rose only slightly over the first two months of this year and early-stage cases declined helping to lift shares of the U.S. online broker 11%.
General Mills, Inc
) fell 4.2% or $2.26 to $51.40 after the food company reported third quarter revenues rose 4% to $3.54 billion from $3.41 billion a year ago. Net income in the quarter fell 33% to $288.9 million or 85 cents per diluted share compared to net income of $430.1 million or $1.23 per share a year ago.
Jacobs Engineering Group Inc
) slid 6.6% or $2.77 to $38.98 after the providing a range of technical, professional, and construction services a Crude Distillation/Vacuum Distillation project as part of the Phase III expansion program at MRPL''s refining complex in Mangalore, India.
Lincoln National Corporation
) dropped 8.4% or 69 cents to $7.47 after the multiple insurance and investment management businesses said it is likely to make a second round of job cuts this year to reduce expenses by an additional $100 million, for a total of $250 million a year in savings from recent cutbacks.
Sun Microsystems, Inc
) jumped 65.8% or $3.27 to $8.24 after the Wall Street Journal reported that the computing giant was in merger talks with IBM. Both companies denied merger talks when contacted by 123jump.com.
Ultrapetrol (Bahamas) Limited
) rose 19.5% or 42 cents to $2.57 after the industrial shipping company said fourth quarter revenues rose 30% to $71.4 million from $54.8 million a year ago. Net income in the quarter fell 46% to $3.4 million or 11 cents per diluted share compared to net income of $6.3 million or 20 cents per share a year ago.