Archer Daniels Midland ( ADM ) posted sharply higher second-quarter results. Net income increased 42% to $314 million, or 48 cents a share, vs. $221 million, or 34 cents a share, a year ago. That includes an investment gain of $45 million, or 7 cents a share. The consensus estimate is 39 cents a share on income of $256 million, according to Thomson First Call. Revenue, however, fell 1% to $9.06 billion, reflecting weakness in its oilseeds and corn processing businesses. Shares closed at $22.79 Thursday.