10:50 AM New York – ACE second quarter net tumbled 44.8% and Bristol-Myers declined 28% on patent expiration. Eli Lilly second quarter tumbled 23% and lifted fiscal guidance. General Dynamics net fall and revised lower outlook.

ACE Limited (ACE) advanced 5% or $3.46 to $72.61 after the Switzerland based holding company reported gross premiums written in the second quarter ending in June rose 4% to $5.65 billion compared to $5.42 billion in the same period of last year. Net income in the quarter tumbled 44.8% to $328 million or 96 cents per diluted share compared to $594 million or $1.74 per share a year ago earlier.

Bristol-Myers Squibb Company (BMY) rose 5 cents to $34.78 after the pharmaceuticals maker reported net sales in the second quarter ending in June slipped 18% to $4.44 billion compared to $5.43 billion in the same period of last year. Net income in the quarter declined 28% to $645 million or 38 cents per diluted share compared to $902 million or 52 cents per share a year ago.

The company said revenues declined mainly due to the U.S. patent expiration and it lowered its fiscal earnings guidance in the range from $1.90 to $2 to a new range of $1.78 to $1.88.

BT Group plc (BT) slipped 3.7% or $1.25 to $32.50 after the UK based communications services provider reported net sales in the first quarter ending in June slid 6% to £4.48 billion compared to £4.76 billion in the same period of last year. Net income in the quarter declined 28% to £447 million or £5.4 per diluted share compared to £451 million or £5.5 per share a year ago period.

Eli Lilly and Company (LLY) gained 2.7% or $1.14 to $43.08 after the pharmaceutical company reported revenues in the second quarter ending in June slumped 10% to $5.60 billion compared to $6.25 billion in the same period of last year. Net income in the quarter tumbled 23% to $923.6 million or 83 cents per diluted share compared to $1,197.3 million or $1.07 per share a year ago earlier.

The company raised its fiscal earnings per share guidance and expects to be in the range of $3.29 to $3.39 from the previous guidance of $3.14 to $3.29 and estimated revenue between $21.8 billion and $22.8 billion. This new estimates includes the expected decline of $3 billion sales of Zyprexa due to patent expirations.

General Dynamics Corporation (GD) decreased 2.4% or $1.52 to $61.88 after the aerospace products maker reported revenues in the second quarter ending in June edged up 0.5% to $7.92 billion compared to $7.88 billion in the same period of last year. Net earnings in the quarter fell 3% to $634 million or $1.77 per diluted share compared to $653 million or $1.76 per share a year ago.

The company revised and lowered full year earnings guidance in the range to $7.00 to $7.10 per share.

Jarden Corporation (JAH) increased 1.5% or 68 cents to $44.27 after the consumer products maker reported net sales in the second quarter ending in June rose 0.6% to $1.68 billion compared to $1.67 billion in the same period of last year. Net income in the quarter advanced 12.6% to $83.2 million or $1.08 per diluted share compared to $73.9 million or 83 cents per share a year ago quarter.

Norfolk Southern Corporation (NSC) rose 9 cents to $72.05 after the railroad service provider reported revenues in the second quarter ending in June were flat at $2.87 billion compared to the same period of last year. Net income in the quarter decreased 6% to $524 million or $1.60 per diluted share compared to $557 million or $1.56 per share a year ago earlier.

Rogers Communications Inc. (RCI) gained 26 cents to $38.50 after the Canadian communications company reported revenues in the second quarter ending in June rose 0.3% to $3.11 billion compared to $3.10 billion in the same period of last year. Net income in the quarter declined 2% to $400 million or 75 cents per diluted share compared to $410 million or 74 cents per share a year ago period.