News Summary

Shares of Toyota Motor Corp TM dropped about 0.9% after the company projects operating profit for the business year to drop 35% to 300 billion yen ($3.7 billion). However, analysts expected 434 billion yen operating profit for the year. Toyota's operating profit in the year to March 2011 came in at 468.3 billion yen. Toyota projects global vehicle sales of 7.24 million units, down from 7.3 million units, in the last year. Shares of Lululemon Athletica Inc LULU gained about 6% after the company reported a strong rise in its first-quarter profit. LULU's quarterly profit surged to $33.4 million, or $0.46 per share, from $19.6 million, or $0.27 per share, in the year-earlier period. Its revenue climbed to $186.8 million from $138.3 million. Its sales at stores open more than a year jumped 16%. However, analysts were expecting earnings of $0.38 per share on revenue of $181.27 million. Lululemon projects its Q2 earnings in the range of $0.42 to $0.44 per share and full-year earnings in the range of $2.10 to $2.16 per share. Analysts expected Q2 earnings of $0.39 per share and FY12 earnings of $2.04 per share. Shares of Diana Containerships Inc DCIX dipped about 7.3% after the company priced its public offering of 14,250,000 shares of its common stock at a price to the public of $7.50 per share. Shares of Micron Technology Inc MU rose about 0.9% after analysts at Wells Fargo upgraded MU from “market perform” to “outperform.” Read more from Benzinga's Markets.