[R]10:00AM New York – General Motors and Procter & Gamble rise after the earnings.[/R]

General Motors Corporation revenue first quarter 2008 declined 0.7% to $42.7 billion, compared to $43.4 billion in the year-ago period.

Net loss in the quarter was $3.25 billion, or $5.74 per share compared to a net loss of $42 million, or $.07 per diluted share, in the year-ago quarter.

Excluding special items, GM posted an adjusted net loss of $350 million, or $.62 per diluted share in the first quarter of 2008, reflecting losses at GMAC and tax expenses. These results compare to an adjusted net loss from continuing operations of $10 million, or $0.01 per diluted share in the first quarter of 2007.

The reported results for the first quarter 2008 include unfavorable special items totaling $2.9 billion. The charges include $1.45 billion to record a non-cash partial impairment of equity investment in GMAC.

Based on current market pricing, GM concluded that the estimated fair value of the common and preferred equity interests it holds in GMAC were approximately $1.45 billion less than GM''s carrying value.

Automotive revenues outside of North America were up over 20%, with strong growth in China, Brazil, Russia and India.

General Motors stock (GM: chart) added $2.31 to $23.36.

The Procter & Gamble Company, providing branded consumer goods products reported first quarter 2008 net sales increased 9% to $20.5 billion on 4 % volume growth.

Net earnings per share increased 11% to $0.82 per share from 74 cents per share and earnings increased 8% to $2.71 billion from $2.512 billion.

P&G now expects earnings per share to be in the range of $3.48 to $3.50 for the fiscal year 2008 as it tightened from its previous guidance of $3.46 to $3.50.

Gross margin was down 30-basis points to 51.3% of net sales during the quarter. Higher commodity and energy costs had a negative impact of over 220- basis points. Most of this negative cost impact was offset by volume leverage, pricing and cost savings efforts.

Procter & Gamble stock (PG: chart) added $2 to $67.90.

Time Warner Cable Inc, a provider of cable television and internet services reported revenues for the first quarter 2008 grew 8% to $4.2 billion.

Net income was $242 million, or $0.25 per basic and diluted common share, compared to net income of $276 million, or $0.28 per basic and diluted common share, for the first quarter of 2007.

Time Warner stock (TWC: chart) stock edged higher 17 cents to $27.80.

CB Richard Ellis Group, Inc. a commercial real estate services broker and property manager reported first quarter 2008 revenue of $1.23 billion compared to $1.21 billion from a year ago.

First quarter net income was $20.45 million or $0.10 cent per diluted share versus net income of $11.97 million or $0.05 cent per share in the corresponding period in 2007.

CB Richard Ellis stock (CBG: chart) fell 42 cents to $22.13.

Express Scripts, Inc. a pharmacy benefit manager in North America said that revenue for the for the first quarter 2008 climbed to $4.60 billion compared to $4.51 billion for the same quarter of 2007.