1:00PM New York – Allegheny Energy led the decliners in the S&P 500 index of 8.7%. Lowe’s Companies first quarter net falls. Perfect World Co strong first quarter play. Dillard’s surged 19%.

Of the stocks in S&P 500 index, 390 increased, 108 declined and 2 were unchanged.

Allegheny Energy, Inc led the decliners in the S&P 500 index of 8.7% followed by losses in Tenet Healthcare Corporation of 3.7%, in Humana Inc of 3.7 %, in AutoNation, Inc of 3.4% and in Lorillard, Inc of 3.1%.

Lennar Corporation led gainers in the S&P 500 index with a rise of 11.4% followed by gains in Zions Bancorporation of 9.1%, in Bank of America Corporation of 8.2% and Lowe’s Companies, Inc of 7.5%.

Other Movers

Bank of America Corporation (BAC) rose 8.2% or 88 cents to $11.55 after stocks rallied and banks led the gainers in trading.

Dillard''s, Inc (DDS) jumped 18.5% or $1.38 to 8.89 after the department-store chain said net income for the thirteen weeks ended May 2, 2009 was $7.7 million or 10 cents compared to net income for the thirteen weeks ended May 3, 2008 of $2.7 million or 4 cents.

Hastings Entertainment, Inc (HAST) climbed 4.4% or 15 cents to $3.51 after the multimedia entertainment retailer reported first quarter revenues fell 4.7% to $125.7 million from $131.9 million a year ago. Net income in the quarter fell 43% to $1.7 million or 17 cents per diluted share compared to net income of $2.99 million or 28 cents per share a year ago.

IDM Pharma, Inc (IDMI) surged 53.5% or 91 cents to $2.62 after the Irvine California based pharmaceutical company today announced that Takeda America Holdings, Inc., a wholly-owned subsidiary of Japan based Takeda and IDM Pharma have entered into an agreement. Takeda America will purchase all of IDM Pharma''s outstanding shares for $2.64 per share in an all cash tender offer.

Logility, Inc (LGTY) soared 35.3% or $1.82 to $6.97 after the provides supply chain management solutions provider American Software, Inc. said that it has agreed to increase the price of its offer to acquire all of the outstanding common stock of Logility, Inc. not currently owned by American Software to $7.02 per share net to the seller in cash, without interest.

Lowe’s Companies, Inc (LOW) added 8.9% or $1.65 to $20.10 after the nation''s second biggest home improvement chain reported first quarter sales fell 1.7% to $11.8 billion from $12.0 billion a year ago. Net income in the quarter fell 22% to $476 million or 32 cents per diluted share compared to net income of $607 million or 41 cents per share a year ago.

Macy''s, Inc (M) advanced 7.5% or 86 cents to $12.19 after the second-biggest U.S. department store chain that the board of directors of Macy’s, Inc. declared a regular quarterly dividend of 5 cents per share payable July 1, 2009, to shareholders of record at the close of business on June 15, 2009.

MGM Mirage (MGM) added 10.3% or 78 cents to $8.46 after the biggest casino owner said that it has completed its $1 billion public offering of common stock through the issuance of 143 million shares. The company had earlier announced its plan to raise $2.5 billion through debt and equity.

Perfect World Co., Ltd (PWRD) rose 9.8% or $1.78 to $19.80 after the online game developer and operator in China reported first quarter revenues rose 40.2% to Rmb 425.1 million from Rmb 303.2 million a year ago. Net income in the quarter rose 36.1% to Rmb 215.4 million or Rmb 3.96 per ADS compared to net income of Rmb 158.4 million or Rmb 2.67 per ADS a year ago.

Wells Fargo & Company (WFC) gained 5.1% or $1.26 to $26.12 after the fourth largest U.S. bank declared dividends on two series of preferred stock. A quarterly cash dividend of $20 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J with liquidation preference of $1,000 per share.