[R]11:15AM New York – General Motors Corporation led the decliners in the S&P 500 index of 17.3%. Air Transport Services Group Inc reports strong first quarter earnings. CDC Corporation turns to profit in first quarter. MBIA Inc posts first quarter profit after 5 straight losses.[/R]

Of the stocks in S&P 500 index, 232 increased, 257 declined and 11 were unchanged.

General Motors Corporation led the decliners in the S&P 500 index of 17.3% followed by losses in Anadarko Petroleum Corporation of 7.4%, in Ford Motor Company of 7.4%, in International Paper Company of 6.3% and in Capital One Financial Corporation of 5.1%.

Massey Energy Company led gainers in the S&P 500 index with a rise of 6.1% followed by gains in Fluor Corporation of 4.8%, in Genworth Financial, Inc of 4.2% and Newell Rubbermaid Inc of 4.1%.

Other Movers

Air Transport Services Group Inc (ATSG: chart) added 13.2% or 0.090 cents to $0.770 after the cargo carrier said first quarter revenues fell 27% to $280.6 million from $382.1 million a year ago. Net income in the quarter rose 192% to $11.1 million or 18 cents per diluted share compared to net income of $3.8 million or 6 cents per share a year ago.

Anadarko Petroleum Corporation (APC: chart) fell 7.3% or $3.57 to $45.27 after the second-largest independent U.S. oil and natural gas producer announced a public offering of 30 million shares of its common stock and granted the underwriters a 30-day option to purchase up to 4.5 million additional shares of its common stock.

Bowne & Co., Inc (BNE: chart) rose 3.0% or 15 cents to $6.00 after the provider of shareholder and marketing communications services said first quarter revenues fell 19% to $169.1 million from $208.8 million a year ago. Net loss in the quarter was $2.0 million or 7 cents per diluted share compared to net income of $0.7 million or 3 cents per share a year ago.

CDC Corporation (CHINA: chart) surged 4.0% or 6 cents to $1.53 after the global enterprise software and new media company said first quarter revenues fell 20% to $79.01 million from $98.2 million a year ago. Net income in the quarter was $7.87 million or 7 cents per diluted share compared to net loss of $11.9 million or 7 cents per share a year ago.

Ctrip.com International, Ltd (CTRP: chart) climbed 14.4% or $4.74 to $37.55 after the travel service provider in China said first quarter revenues rose 18% to $401 million from $340.5 million a year ago. Net income in the quarter rose 22.5% to $121 million or 52 cents per diluted share compared to net income of $98.8 million or $2.86 per share a year ago.

Ciena Corporation (CIEN: chart) lost 6.4% or 69 cents to $10.04 after the maker of network equipment was downgraded from “market perform” to “market underperform” at JMP Securities.

Fluor Corporation (FLR: chart) jumped 3.6% or $1.58 to $44.79 after the engineering and construction giant said first quarter revenues rose 21% to $5.8 billion from $4.8 billion a year ago. Net income in the quarter rose 50% to $205 million or $1.12 per diluted share compared to net income of $137 million or 74 cents per share a year ago.

Fossil, Inc (FOSL: chart) rose 15.2% or $3.01 to $22.75 after the global design, marketing and distribution company reported first quarter revenues fell 9.3% to $323.0 million from $356.2 million a year ago. Net income in the quarter fell 42.7% to $17.3 million or 26 cents per diluted share compared to net income of $30.2 million or 43 cents per share a year ago.

Ford Motor Company (F: chart) dropped 12.0% or 73 cents to $5.35 after the second-largest U.S. automaker filed to sell 300 million shares as it looks to fund a portion of the retiree health-care benefits it is required to make under a pact with the United Auto Workers with cash instead of stock. The company also indicated that it will not pay dividend in the foreseeable future.

The Great Atlantic & Pacific Tea Company, Inc (GAP: chart) dropped 17.3% or $1.16 to $5.53 after the grocery retailer reported fourth quarter revenues rose 4.5% to $2.3 billion from $2.2 billion a year ago. Net loss in the quarter was $111 million or $4.15 per diluted share compared to net loss of $61.5 million or $1.73 per share a year ago.

MBIA Inc (MBI: chart) surged 12.7% or 88 cents to $7.85 the engaged in providing financial guarantees business reported first quarter revenues were $1.93 billion from loss of $2.94 billion a year ago. Net income in the quarter was $696.7 million or $3.34 per diluted share compared to net loss of $2.4 billion or $12.92 per share a year ago.

Nautilus, Inc (NLS: chart) lost 11.0% or 0.120 cents to $0.970 after the global fitness products company said first quarter revenues fell 44.4% to $72.1 million from $129.6 million a year ago. Net loss in the quarter was $13.8 million or 45 cents per diluted share compared to net loss of $6.4 million or 20 cents per share a year ago.

Nissan Motor Co., Ltd (NSANY: chart) added 3.6% or 38 cents to $10.72 after the automaker reported full-year sales fell 22% to ¥8.44 trillion from ¥10.8 trillion a year ago. Net loss was ¥233.7 billion compared to net income of ¥482.3 billion a year ago.

Nuance Communications, Inc (NUAN: chart) increased 3.5% or 46 cents to $13.54 after the speech and imaging software maker said second quarter revenues rose 13% to $229.1 million from $203.3 million a year ago. Net income in the quarter was $7.1 million or 3 cents per diluted share compared to net loss of $26.8 million or 13 cents per share a year ago.

Raser Technologies, Inc (RZ: chart) lost 4.3% or 14 cents to $3.97, an energy technology companies reported first quarter no revenues from $0.1 million a year ago. Net loss in the quarter was $6.7 million or 10 cents per diluted share compared to net loss of $5.4 billion or 10 cents per share a year ago.

Stifel Financial Corp (SF: chart) declined 2.5% or $1.30 to $50.48 after the financial services company said first quarter revenues rose 4% to $220 million from $211.5 million a year ago. Net income in the quarter fell 8% to $13.2 million or 44 cents per diluted share compared to net income of $14.3 million or 53 cents per share a year ago.