Updated from 11:19 a.m. EDT

Shares of

Dollar General

(DG) - Get Report

were among the

NYSE's

losers Thursday, falling 11.3% after the company posted first-quarter earnings that were below expectations.

The discount retailer earned $64.9 million, or 20 cents a share, on sales of $1.98 billion. Analysts polled by Thomson First Call were expecting earnings of 22 cents a share on sales of $1.97 billion. A year ago, the company earned $67.8 million, or 20 cents a share, on sales of $1.75 billion.

Looking ahead, Dollar General forecast second-quarter earnings of 20 cents to 23 cents a share. Analysts are expecting earnings of 22 cents a share on sales of $2.05 billion. For the whole year, the company said that its previous guidance of $1.15 to $1.20 a share, while still achievable, would be more difficult to reach because of weaker-than-anticipated first-quarter earnings. The company also continues to worry about the potential negative impact of the economy on the discretionary spending of its customers, it said. Analysts are expecting full-year earnings of $1.18 a share on sales of $8.6 billion. Shares traded down $2.50 to $19.55.

Cree

(CREE) - Get Report

rose 10.7% after

Sumitomo

agreed to buy $200 million worth of light-emitting diode products from the company. Sumitomo, Cree's Japanese distributor, will make the purchases during Cree's fiscal year, which ends June 2006. The purchases are expected to be made across Cree's full line of LED chip products. Shares traded up $2.88 to $29.90.

Shares of

Fred's

(FRED)

fell 3.3% after the company posted first-quarter results that were below expectations. The discount retailer earned $6.7 million, or 17 cents a share, on sales of $382.7 million. Analysts were expecting earnings of 19 cents a share on sales of $384 million. A year ago, the company earned $7.2 million, or 18 cents a share, on sales of $341.5 million.

Fred's said the market remained tough throughout the first quarter; customer count and spending suffered the last two weeks of each month, the company said. Looking ahead, the company now believes that 2005 sales will grow by 12% to 13% while comp-store sales are expected to grow 3% to 4%. Previously, the company said that sales growth would be 11% to 15% and comp-store sales growth would be 4% to 6%. Shares traded down 50 cents to $14.66.

Brown Shoe

(BWS)

rose 6.9% after the company posted first-quarter results that easily topped forecasts. The footwear retailer earned $3.8 million, or 20 cents a share, on sales of $523.3 million. Excluding items, the company would have earned 74 cents a share. Analysts were expecting earnings of 62 cents a share on sales of $502.3 million. A year ago, the company earned $8.5 million, or 45 cents a share, on sales of $491.8 million. Excluding items, the company would have earned 56 cents a share a year ago.

Looking ahead, Brown Shoe forecast second-quarter earnings of 27 cents to 32 cents a share. The estimate includes 6 cents a share in dilution from lower margins on the acquired Bennett inventory, which was adjusted to fair market value when Brown Shoe acquired it.

Analysts are expecting earnings of 44 cents a share. For the full year, the company now expects earnings of $2.30 to $2.45 a share, down from previous guidance of $2.55 to $2.65 a share. Excluding 55 cents related to tax provisions, the company expects to post adjusted earnings of $2.85 to $3 a share. Analysts are expecting earnings of $2.66 a share. Shares traded up $2.19 to $34.14.

Shares of

Genesco

(GCO) - Get Report

rose 10.4% after the shoe retailer posted solid first-quarter results. The company reported continuing earnings of $8.2 million, or 32 cents a share, on sales of $286.1 million. Results included a settlement charge of $1.6 million, or 6 cents a share. Analysts were expecting earnings of 32 cents a share on sales of $280.3 million. A year ago, the company earned $5.8 million, or 24 cents a share, on sales of $225.5 million.

Looking ahead, Genesco expects full-year earnings of $2.21 to $2.24 a share on sales of $1.27 billion to $1.28 billion. The estimate includes a 6-cent charge related to a class-action settlement. Previously, Genesco said that it would earn $2.14 to $2.18 a share on sales of $1.26 billion to $1.28 billion. Analysts are expecting earnings of $2.24 a share on sales of $1.27 billion. Shares traded up $3.26 to $34.66.

NYSE volume leaders included

Elan

(ELN)

, up 84 cents to $8.05;

Calpine

(CPN)

, up 20 cents to $2.84;

Corning

(GLW) - Get Report

, up 43 cents to $15.28;

Lucent Technologies

( LU), unchanged at $2.81;

Pfizer

(PFE) - Get Report

, up 23 cents to $28.90;

American International Group

(AIG) - Get Report

, up $1.63 to $55.71;

Boston Scientific

(BSX) - Get Report

, down $1.30 to $28.16;

Citigroup

(C) - Get Report

, down 7 cents to $47.38; and

Hewlett-Packard

(HPQ) - Get Report

, up 16 cents to $22.98;

Advanced Micro Devices

(AMD) - Get Report

, up 20 cents to $16.36;

Exxon Mobil

(XOM) - Get Report

, up 54 cents to $56.22;

Motorola

( MOT), up 29 cents to $17.46; and

General Electric

(GE) - Get Report

, up 8 cents to $36.94.

Nasdaq

volume leaders included

Intel

(INTC) - Get Report

, up 37 cents to $27.37;

Cisco Systems

(CSCO) - Get Report

, up 28 cents to $19.90;

Microsoft

(MSFT) - Get Report

, up 19 cents to $25.90;

Novell

( NOVL), down 45 cents to $5.83;

Oracle

(ORCL) - Get Report

, up 17 cents to $12.92;

Applied Materials

(AMAT) - Get Report

, up 29 cents to $16.69;

Sirius Satellite Radio

(SIRI) - Get Report

, up 15 cents to $5.79; and

eBay

(EBAY) - Get Report

, up 26 cents to $37.23.