2:45PM New York – Lennar, FedEx, Rite-Aid, and Coca-Cola Enterprises were under focus after the release of earnings.

Of the stocks in S&P 500 index, 274 declined, 221 increased and 5 rose.

General Motors led decliners in the index with a loss of 14.6% followed by losses in Federated Investors of 14%, in MEMC Electric of 13% and in US Steel of 11.5%.

Micron Tech led gainers in the S&P 500 index with a rise of 26% followed by increases in Discover Financial of 12.6%, in XL Capital of 12% and in Coca-Cola Enterprises of 10.3%.

Other Movers

Apogee Enterprises, Inc (APOG) surged 12.6% or $1.13 to $10.08 after the glass products and frames provider said third quarter revenues rose 14% to $240.40 million from $210.98 million a year ago. Net income in the quarter rose 60% to $17.6 million or 63 cents per diluted share compared to net income of $11.0 million or 38 cents per share a year ago.

Actuant Corporation (ATU) lost 6.6% or $1.13 to $15.96 after the manufacturer of industrial products and systems reported first quarter revenues fell 8% to $380 million from $415 million a year ago. Net income in the quarter fell 58% to $11.6 million or 19 cents per diluted share compared to net income of $27.4 million or 43 cents per share a year ago.

Bio-Reference Laboratories, Inc (BRLI) climbed 12.8% or $3.15 to $27.75 after independent regional clinical laboratory reported fourth quarter revenues rose 16% to $81.3 million. Net income in the quarter rose 13% to $5.25 million or 38 cents per diluted share compared to net income of $4.6 million or 33 cents per share a year ago.

Coca Cola Enterprises Inc (CCE) increased 13.4% or $1.44 to $12.13 after the beverage bottler said it expects to achieve full year comparable earnings per diluted share in a range of $1.28 to $1.31 on the expectations of better than expected volume sales in North America. The company guided capital spending of $1 billion in 2008 and free cash flow of $650 million. For the year 2009, the company estimates free cash flow of $650 million and capital expenditure of $900 million.

The company expects in the current year sales volume in North America to decline in low single digit and mid-single digit price per cash increase and high single digit increase cost of goods sold per case. And in Europe, for the year, price and cost of goods sold per chase are expected to increase in low single digit range.

Discover Financial Services (DFS) rose 13.8% or $1.16 to $9.76 after the credit card issuer and electronic payment services company reported fourth quarter net income in the quarter was $432 million or 89 cents per diluted share compared to net loss of $56 million or 12 cents per share a year ago.

FedEx Corporation (FDX) gained 0.1% or 6 cents to $64.05 after the integrated cargo and mail carrier reported second quarter revenues increase of 1% to $9.54 billion from $9.45 billion a year ago. Net income in the quarter rose 3% to $493 million or $1.58 per diluted share compared to net income of $479 million or $1.54 per share a year ago.

FedEx chief executive will lower his salary by 20% and salaries across the company will be lowered between 7.5% and 10%. In all, 36,000 workers will face pay cut and 290,000 hourly workers will not be affected.

Fuel expense in the second quarter rose 9% to $1.1 billion on a surcharge to customers of 15% a decline from 35% in August at a time when crude oil price has fallen from a peak of $147 a barrel to below $40 a barrel.

As more customers look for cheaper alternative and avoid excessive surcharges, air package volume at FedEx declined 8%, the largest drop in seven year. The company hopes to save additional $200 million in savings will generate a total of $1 billion in fiscal 2009. On a conference call with investors the company guided weak outlook for the rest of the fiscal 2009 and avoided giving earnings guidance for the year.

Lennar Corporation (LEN) fell 1.3% or 13 cents to $10.12 after the homebuilder reported fourth quarter revenues dropped 41% to $1.28 billion from $2.18 billion a year ago. Net loss in the quarter narrowed to $811 million or $5.12 a diluted share compared to net loss of $1.25 billion or $7.92 per share a year ago.

The average price of a home sold declined to $262,000 from $291,000 in the quarter.

New home deliveries in the quarter dropped 36% and new home sales declined 46%. Lennar net loss declined as it trimmed its land expenditures and focused on lowering its inventory of unsold homes. Backlog of homes plunged 60% to 1,599 and order cancellation was 32% in the quarter.

Luby''s, Inc (LUB) fell 11% or 64 cents to $5.29 after home-style food restaurant chain said first quarter sales fell 6% to $68.9 million from $73.4 million a year ago. Net loss in the quarter was $2.2 million or 8 cents per diluted share compared to net income of $4.8 million or 17 cents per share a year ago.

Morgan Stanley (MS) rose 3.8% or 64 cents to $17.14 after the global financial services bought back its own distressed debt. The company reported dismal earnings and its debt was downgrade by Moody''s.