11:00 AM New York - Gannett Co., Inc. led the decliners in the S&P 500 index with a loss of 8.8%. Google net rises as advertising sales increase. Opnet shares off after earnings and revenue update. W.W. Grainger earnings up 40%. Citigroup reports profit drop and beats estimates. Bank of America profit and revenue slip.

Gannett Co., Inc. led the decliners in the S&P 500 index with a loss of 8.8% followed by losses in Polycom, Inc. of 7.2% and in Barclays PLC of 6.3%, and in Bank of America Corporation of 5.9% and in Live Nation Entertainment, Inc. of 5.8%.

Tesla Motors, Inc. led gainers in the S&P 500 index with a rise of 4.7% followed by gains in The Charles Schwab Corporation of 4.1%, in Warner Chilcott PLC of 4.1% and in The Goldman Sachs Group, Inc. of 3.2% and in Ironwood Pharmaceuticals, Inc. of 2.5%.

Other Movers

Advanced Micro Devices, Inc. (AMD) added 2.5% or 19 cents to $7.60 after the global semiconductor company said second quarter revenues rose 40% to $1.65 billion from $1.18 billion a year ago. Net loss in the quarter was $43.0 million or 6 cents per diluted share compared to net loss of $330.0 million or 49 cents per share a year ago.

AngioDynamics, Inc., (ANGO) rose 3.6% or 56 cents to $16.00 after the provider of medical devices said fourth quarter revenues rose 14% to $60.3 million from $52.8 million a year ago. Net income in the quarter rose 29% to $3.7 million or 15 cents per diluted share compared to net income of $2.9 million or 12 cents per share a year ago.

Bank of America Corporation (BAC) declined 4.2% or 64 cents to $14.75 after the bank reported second quarter revenues fell 11% to $29.2 billion from $32.8 billion a year ago. Net income in the quarter rose 15% to $2.78 billion or 27 cents per diluted share compared to net income of $2.42 billion or 33 cents per share a year ago.

The Charles Schwab Corporation (SCHW) rose 1.7% or $14.81 after the financial company reported second quarter revenues fell 1% to $1.08 billion from $1.09 billion a year ago. Net income in the quarter was flat at $205 million or 17 cents per diluted share compared to net income of $205 million or 18 cents per share a year ago.

Citigroup Inc., (C) fell 1.6% or 7 cents to $4.09 after the global diversified financial services company reported second quarter revenues fell 26% to $22.1 billion from $30.0 billion a year ago. Net income in the quarter fell 37% to $2.7 billion or 9 cents per diluted share compared to net income of $4.3 billion or 49 cents per share a year ago.

Cubist Pharmaceuticals, Inc. (CBST) rose 0.6% or 15 cents to $21.75 after the biopharmaceutical company said second quarter revenues rose 29% to $168.5 million from $130.8 million a year ago. Net income in the quarter rose 18% to $28.1 million or 45 cents per diluted share compared to net income of $23.8 million or 40 cents per share a year ago.

Gannett Co., Inc., (GCI) dropped 2.3% or 36 cents to $14.75 after the international media and marketing solutions company reported second quarter revenues fell 1.4% to $1.37 billion from $1.39 billion a year ago. Net income in the quarter rose 177% to $195.5 million or 81 cents per diluted share compared to net income of $70.5 million or 30 cents per share a year ago.

General Electric Company, (GE) fell 0.5% or 9 cents to $15.15 after the industrial and financial company reported second quarter revenues fell 4.3% to $37.4 billion from $39.1 billion a year ago. Net income in the quarter rose 16% to $3.11 billion or 28 cents per diluted share compared to net income of $2.69 billion or 25 cents per share a year ago.

Google Inc., (GOOG) dropped 4.1% or $20.52 to $473.50 after the Internet search engine said second quarter revenues rose 24% to $6.82 billion from $5.52 billion a year ago. Net income in the quarter rose 24% to $1.84 billion or $5.71 per diluted share compared to net income of $1.48 billion or $4.66 per share a year ago.

The Goldman Sachs Group, Inc. (GS) climbed 4.6% or $6.78 to $152.00 after the bank has agreed to a settlement with the U.S. Securities and Exchange Commission to resolve the SEC’s pending case against the firm relating to disclosures in the ABACUS 2007-AC1 CDO offering.

Genuine Parts Company, (GPC) rose 0.8% or 34 cents to $42.49 after the distributor of automotive replacement parts reported second quarter revenues rose 12% to $2.85 billion from $2.53 billion a year ago. Net income in the quarter rose 20% to $124.5 million or 78 cents per diluted share compared to net income of $103.6 million or 65 cents per share a year ago.

Joe''s Jeans Inc., (JOEZ) gained 6.2% or 13 cents to $2.20 after the blue-jeans maker said second quarter revenues rose 51% to $25.9 million from $17.2 million a year ago. Net income in the quarter fell 60% to $532,000 or 1 cent per diluted share compared to net income of $1.3 million or 2 cents per share a year ago.

Knoll, Inc., (KNL) rose 3.6% or 47 cents to $13.29 after the office furniture maker reported second quarter revenues fell 5% to $192.3 million from $202.2 million a year ago. Net income in the quarter rose 7.4% to $8.7 million or 19 cents per diluted share compared to net income of $8.1 million or 18 cents per share a year ago.

Mattel, Inc. (MAT) fell 5.2% or $1.24 to $21.76 after the toy maker reported second quarter revenues rose 13% to $1.02 billion from $898.2 million a year ago. Net income in the quarter rose 140% to $51.6 million or 14 cents per diluted share compared to net income of $21.5 million or 6 cents per share a year ago.

People’s United Financial, Inc. (PBCT) fell 0.7% or 10 cents to $14.05 after the savings and loan company said second quarter net interest income rose 23% to $173.8 million from $141.2 million a year ago. Net income in the quarter fell 37% to $16.0 million or 4 cents per diluted share compared to net income of $25.3 million or 8 cents per share a year ago.

Polycom, Inc., (PLCM) plunged 10.1% or $3.26 to $28.75 after the maker of communications and video conferencing equipment said second quarter revenues rose 28% to $295.0 million from $231.0 million a year ago. Net income in the quarter fell 18% to $12.6 million or 14 cents per diluted share compared to net income of $15.3 million or 18 cents per share a year ago.