11:45 AM New York – Apollo Group plunged after SEC opened an informal revenue recognition inquiry. Panera Bread rose after its quarterly net surged 38%. Visa Inc swung to a quarterly profit of 69 cents a share. Harris Corporation led gainers in the S&P 500 index with a rise of 8.3%.

Of the stocks in S&P 500 index, 191 increased, 298 declined and 11 were unchanged.

Apollo Group, Inc led the decliners in the S&P 500 index with a loss of 16.1% followed by losses in The Goodyear Tire & Rubber Company of 13.1%, in Massey Energy Company of 7.4%, in Total System Services, Inc of 6.9% and in Fiserv, Inc of 5.2%.

Harris Corporation led gainers in the S&P 500 index with a rise of 8.3% followed by gains in Norfolk Southern Corporation 6.4%, in Sealed Air Corporation of 5.0% and in The Interpublic Group of Companies, Inc of 4.0%.

Other Movers

ACE Limited (ACE) added 2.3% or $1.23 to $54.50 after the property and casualty insurer said third quarter net premiums written fell 3.7% to $3.16 billion from $3.28 billion a year ago. Net income in the quarter rose 815% to $494 million or $1.46 per diluted share compared to net income of $54 million or 16 cents per share a year ago.

ACCO Brands Corporation (ABD) added 0.3% or 2 cents to $6.50 after the supplier of select categories of branded office products reported third quarter sales fell 21.5% to $322.5 million from $410.8 million a year ago. Net income in the quarter was $1.3 million or 2 cents per diluted share compared to net loss of $32.7 million or 60 cents per share a year ago.

Apollo Group, Inc (APOL) plunged 17% or $12.41 to $60.54 after the SEC opened informal inquiry into its revenue recognition. The company said it in a conference call that it does not know the nature of investigation and is in compliance with the GAAP standards. The company also estimated $80 million for legal costs and settlement related to its recruitment practices.

The private education provider said fourth quarter revenues rose 30% to $1.08 billion from $831.4 million a year ago. Net income in the quarter fell 60% to $91.5 million or 59 cents per diluted share compared to net income of $229.6 million or $1.43 per share a year ago.

American Campus Communities, Inc (ACC) rose 0.1% or 3 cents to $26.74 after the real estate investment trust said third quarter sales rose 8.7% to $78.4 million from $72.1 million a year ago. Net loss in the quarter was $5.8 million or 11 cents per diluted share compared to net loss of $13.1 million or 31 cents per share a year ago.

Amkor Technology, Inc (AMKR) dropped 1.4% or 10 cents to $6.64 after the microchip packaging and testing company said third quarter sales fell 14.4% to $616.2 million from $719.7 million a year ago. Net income in the quarter rose 177% to $80.9 million or 31 cents per diluted share compared to net income of $29.2 million or 15 cents per share a year ago.

Ashland Inc (ASH) rose 1.6% or 64 cents to $40.00 after the chemicals maker reported third quarter sales fell 5% to $2.11 billion from $2.22 billion a year ago. Net income in the quarter was $93 million or $1.22 per diluted share compared to net loss of $10 million or 15 cents per share a year ago.

Avista Corporation (AVA) decreased 0.2% or 5 cents to $20.20 an energy company reported third quarter revenues fell 17.8% to $314.7 million from $382.7 million a year ago. Net income in the quarter rose 9.5% to $8.1 million or 15 cents per diluted share compared to net income of $7.4 million or 13 cents per share a year ago.

Boston Properties, Inc (BXP) decreased 2.2% or $1.43 to $60.91 after the real estate investment trust said third quarter revenues rose 5.4% to $377.3 million from $358 million a year ago. Net income in the quarter rose 52.7% to $65.8 million or 47 cents per diluted share compared to net income of $43.1 million or 35 cents per share a year ago.

Buffalo Wild Wings, Inc (BWLD) fell 2.8% or $1.19 to $40.46 after the restaurant operator said third quarter revenues rose 25% to $132.7 million from $106.1 million a year ago. Net income in the quarter rose 50% to $6.9 million or 38 cents per diluted share compared to net income of $4.6 million or 25 cents per share a year ago.

Chiquita Brands International, Inc (CQB) surged 13.0% or $1.93 to $16.68 after the bananas and vegetable distributor estimated third quarter earnings per share of 20 cents.

E*TRADE Financial Corporation (ETFC) rose 0.6% or 1 cent to $1.58 after the online brokerage company said third quarter revenues rose 52.4% to $575.3 million from $377.7 million a year ago. Net loss in the quarter was $831.7 million or 66 cents per diluted share compared to net loss of $50.5 million or 9 cents per share a year ago.

Fiserv, Inc (FISV) declined 2.6% or $1.28 to $47.80 after the provider of IT services and systems said third quarter revenues fell 4.6% to $992 million from $1.04 billion a year ago. Net income in the quarter rose 47.4% to $115 million or 74 cents per diluted share compared to net income of $78 million or 48 cents per share a year ago.

General Dynamics Corporation (GD) rose 0.8% or 53 cents to $66.31 after the supplier of products and services in aviation business reported third quarter sales rose 8.5% to $7.7 billion from $7.1 billion a year ago. Net income in the quarter fell 10% to $572 million or $1.47 per diluted share compared to net income of $634 million or $1.59 per share a year ago.

The Goodyear Tire & Rubber Company (GT) fell 2.0% or 24 cents to $16.74 after 39 billion from $5.17 billion a year ago. Net income in the quarter rose 132% to $72 million or 30 cents per diluted share compared to net income of $31 million or 13 cents per share a year ago.

GulfMark Offshore, Inc (GLF) dropped 8.9% or $2.94 to $29.85 after the transports drilling materials and supplies to offshore oil facilities said third quarter net income $12.7 million, or 50 cents per diluted share reflecting weaker margins in the Americas and the North Sea, increased dry dock activity ahead of the previously identified plan, higher than normal professional fees and a higher revised tax rate.