BP Share News (BP.)

U.S. stocks were rising Tuesday as the Dow Jones Industrial Average rose 14 points to 10457, the S&P 500 gained 0.5 points to 1114 and the Nasdaq Composite added 11 points to 2300. Among the companies whose shares actively trading in the session are Walgreen Co. (WAG), Jefferies Group Inc. (JEF) and Patriot Coal Corp. (PCX). Walgreen's ($28.42, -$1.72, -5.71%) fiscal third-quarter earnings fell 11%, hurt by the elimination of a tax benefit due to the health-care overhaul, costs from its acquisition of Duane Reade and weakened consumer spending. Profit was short of analysts' expectations as Walgreen's same-store sales--which exclude Duane Reade--rose 0.7% amid continued consumer weakness, a slowdown in generic-drug introductions and a milder flu season. Rival CVS Caremark Corp. (CVS, $31.66, -$0.12, -0.38%) shares also fell on the weakness. Jefferies ($24.89, +$2.02, +8.83%) posted a fiscal second-quarter profit that topped analysts' estimates as the financial group continued to see strong performance from its investment-banking arm, which reported record quarterly revenue. Executive Committee Chairman Brian Friedman said the investment bank's mergers-and-acquisition and strategic-advisory business has "continued to pick up." Patriot Coal ($14.99, -$1.21, -7.47%) said it would permanently shut down a mine in West Virginia that it closed last week because of a roof collapse. The Closure of the Harris mine, which produces metallurgical coal used in steel production, is expected to eat into profits for this year, next year. Brean Murray Carret cut its 2010 and 2011 earnings estimates, and dropped the target price on shares to $26 from $30. Lexicon Pharmaceuticals Inc. (LXRX, $1.40, +$0.05, +3.70%) reported positive results from a study of its diabetes drug. The drug developer said the midstage trial of the drug LX4211 found that patients with type-2 diabetes had a "rapid and significant improvement" in several measures of blood-sugar control, as well as positive trends in cardiovascular and metabolic indicators, when compared against a placebo group. Sonic Corp.'s (SONC, $8.95, -$0.34, -3.66%) fiscal third-quarter earnings fell 35%, as the drive-in restaurant chain's sales weakness continued, and earnings dropped much further than analysts expected. President Barack Obama's administration sent BP PLC (BP, $29.89, -$0.44, -1.45%) its biggest invoice yet--$51.4 million--for oil clean-up efforts in the Gulf of Mexico. Monday, the administration said it has billed BP and other, unnamed responsible parties $51.4 million, raising the total to $70.9 million. Other Stocks In Focus: Pacific Crest upgraded lithium-ion battery maker A123 Systems Inc. (AONE, $8.82, +$0.25, +2.92%) to outperform from sector perform saying "it is time for investors to step in front of an increasing policy focus on electrified transportation in the wake of the gulf oil spill and increased enthusiasm around EVs coinciding with successful new product launches." Affymax Inc. (AFFY, $7.30, +$0.12, +1.67%), a biopharmaceutical company, said it received a $30 million milestone payment from Japanese partner Takeda Pharmaceutical Co. (TKPYY, $21.30, -$0.10, -0.47%) for Affymax's investigation drug that treats anemia in patients with chronic renal failure. Structural cracks discovered recently on at least two American Airlines Boeing 767 jetliners, including one jet that air-safety regulators believe could easily have lost an engine, are prompting concerns that some of the problems may turn out to be more widespread. AMR Corp.'s (AMR, $8.01, -$0.23, -2.79%) carrier American, with oversight from the Federal Aviation Administration, has checked the bulk of its wide-body 767 fleet to look for possible cracks in critical components that attach engines to the wings. On Monday, the FAA said problems were found on three planes. Delta Air Lines Inc. (DAL, $13.07, -$0.42, -3.11%), Continental Airlines Inc. (CAL, $23.43, -$0.88, -3.62%), US Airways Group Inc. (LCC, $9.55, -$0.45, -4.50%) and UAL Corp. (UAUA, $22.36, -$0.88, -3.79%) were all trading lower. J.P. Morgan upgraded shares of Ariba Inc. (ARBA, $17.04, +$0.40, +2.40%) to overweight from neutral saying the company, which helps manage Internet purchases for companies, has turned a corner and could see strong growth in 2011. The analysts said they had always liked Ariba's potential but only recently became confident in its execution. Ascent Solar Technologies Inc. (ASTI, $3.00, +$0.11, +3.81%) a thin-film solar module developer, won a 4.5-year, multi-million dollar contract from the Defense Advanced Research Projects Agency for developing low-cost light-weight photovoltaics that can hold up in battle conditions. The first phase of the contract is expected to take 18 months and is valued at $3.8 million. Atlantic Coast Federal Corp. (ACFC, $3.05, -$0.15, -4.68%) said it plans to sell up to 3.2 million shares in an initial public offering as part of its conversion from a mutual-holding company. The bank-holding company intends to offer the shares at $10 each, first to depositors as of March 31, 2009. It has 12 branches in southeastern Georgia and northeastern Florida, and $914 million in assets as of March 31. Standard & Poor's Ratings Services lifted its junk-level rating on Belo Corp. (BLC, $7.22, +$0.09, +1.26%), saying it expects the television broadcaster to achieve moderate revenue and earnings growth this year. The ratings agency expects the company to benefit from a turnaround in ad demand and political ad revenue. S&P also cited the company's lower leverage as a positive factor. J.P. Morgan cut its stock-investment rating on Big Lots Inc. (BIG, $33.22, -$1.08, -3.15%) to neutral from overweight, noting its apprehension that discretionary spending continues to decelerate into June across many pockets of retail, which the firm said is equally surprising and concerning. The firm added that Big Lots stands the most to lose in its coverage group, given its high discretionary exposure and treasure-hunt characteristics that lead to a postponable purchase. (MORE TO FOLLOW) Dow Jones Newswires June 22, 2010 10:30 ET (14:30 GMT)