11:10AM New York – U.S. stocks declined ahead Fed rate decision. General Mills declined after it offered lower than expected annual profit estimate. Darden Restaurant earnings lifted stocks in the sector.
U.S. stocks fell in the morning trading ahead of rate decision by the Fed.
Of the stocks in S&P 500 index, 93 gained, 403 increased and 4 were unchanged. General Mills led the decliners in the index with a loss of 9% followed by losses in Lincoln National Corp of 7.3%, in Capital One Financial of 6.5%, in Jacobs Engineering of 6.4% and in DR Horton of 6.3%.
Sun Microsystems surged 66% and led the gainers in the S&P 500 index stocks followed by gains in AIG of 25%, in E*Trade Financial of 19%, in Darden Restaurant of 15% and in Citigroup of 11%.
Wall Street Journal report suggested that IBM in discussion to acquire Sun Micro and boost its presence in network server market. 123jump.com contacted investors relations staff at both companies to verify the report but both companies denied to confirm the report. The deal will help IBM to increase server offering to customers and integrate several middleware and other software applications to its largest clients.
