Updated from 1:20 p.m. EST

Shares of

Carnival

(CCL) - Get Report

were among the

NYSE's

losers Monday, falling 5.9% after the company posted mixed first-quarter results and warned that second-quarter earnings would come in below Wall Street forecasts.

The operator of cruise ships posted first-quarter earnings of $345 million, or 42 cents a share, on sales of $2.4 billion. Results included a 1-cent gain related to a legal settlement and a reduction of 4 cents related to the company's cancellation of the P&O Cruises 2005 world cruise on the Aurora. Analysts surveyed by Thomson First Call expected earnings of 40 cents a share on sales of $2.43 billion. Looking ahead, Carnival forecast second-quarter earnings of 45 cents to 47 cents a share. Analysts had been expecting earnings of 50 cents a share. The cancellation of the Aurora world cruise will ding the company by 2 cents during the second quarter. Shares traded down $3.24 to $51.59.

Molex

(MOLXE)

rose 1.2% after the company trimmed its third-quarter earnings and sales outlook. The company, which makes electronic components, now expects earnings of 20 cents to 23 cents a share, down from previous guidance of 21 cents to 24 cents a share. Sales, meanwhile, are now expected to come in at $610 million to $620 million, down from previous guidance of $630 million to $640 million. Analysts are expecting earnings of 23 cents a share on sales of $636.1 million.

Molex also filed its delinquent quarterly reports from the first and second quarters, making the company compliant, the company believes, with

Nasdaq

market rules. The "E" at the end of the company's ticker symbol will remain, it said, until the Nasdaq makes a determination that Molex "has remedied the previously disclosed non-compliance with the continued listing requirements" of the Nasdaq. Shares traded up 30 cents to $26.16.

Shares of

J.C. Penney

(JCP) - Get Report

rose 1.5% after the department store chain said that it would repurchase $750 million in stock and $250 million in debt during 2005. The repurchase program will be funded with $600 million of free cash flow generated during 2004 and $400 million that was previously allocated to the early retirement of the 7.4% debentures that were due in 2037. Shares traded up 69 cents to $46.39.

Pinnacle Systems

(PCLE)

rose 15.5% after the maker of video-editing tools agreed to be acquired by

Avid Technology

(AVID) - Get Report

for about $462 million in cash and stock. Pinnacle shareholders will receive 0.0869 share of Avid stock and $1 a share for each share of Pinnacle they own. Avid will issue about 6.2 million shares and pay about $71 million in cash. The deal represents a 30% premium to Pinnacle's closing price of $4.97 on Friday. The deal, which is expected to close in July, will be dilutive to Avid's third-quarter earnings but accretive to the fourth quarter. Shares of Pinnacle traded up 77 cents to $5.74, while shares of Avid traded down $6.34 to $56.61.

Shares of

Dollar Tree

(DLTR) - Get Report

rose modestly after the company said that it would repurchase up to $300 million worth of stock during the next three years. "We ended fiscal year 2004 with approximately $320 million in cash and investments and believe we have the ability to generate substantial free cash flow over the next three years," the company said. The new repurchase plan takes the place of the company's previous repurchase plan that was scheduled to expire during 2005. Shares traded up 15 cents to $27.74.

NYSE volume leaders included

News Corp.

(NWSA) - Get Report

, down 11 cents to $17.89;

SunGard

(SDS) - Get Report

, up $6.12 to $31.07;

General Motors

(GM) - Get Report

, up $1.07 to $29.69;

Time Warner

(TWX)

, down 28 cents to $18.42;

Nortel

(NT)

, down 18 cents to $2.79;

Citigroup

(C) - Get Report

, down $1.09 to $45.76;

Lucent

(LU)

, down 6 cents to $2.81;

Wal-Mart

(WMT) - Get Report

, down 28 cents to $51.17; and

American International Group

(AIG) - Get Report

, down $1.86 to $57.90.

Nasdaq volume leaders included

Microsoft

(MSFT) - Get Report

, down 11 cents to $24.20;

Oracle

(ORCL) - Get Report

, up 11 cents to $12.65;

Ask Jeeves

(ASKJ)

, up $4.43 to $28.67;

Intel

(INTC) - Get Report

, up 9 cents to $23.50; and

Cisco

(CSCO) - Get Report

, up 14 cents to $17.94.