Closing Bell: Up, Down, Up... What the heck? (AA, BBBY, CSCO, JNPR, PHM, CTX, S)

Alcoa Inc. (NYSE: AA) posted -$0.59 EPS from operations and $4.14 billion in revenues, yet Thomson Reuters had estimates at -$0.57 EPS and $4.08 billion in revenues. With aluminum rates this far under $1.00, the company cannot make money, but the report was better than it could have been. Shares were up 2% at $7.96 late in the day.

Bed Bath & Beyond, Inc. (NASDAQ: BBBY) posted an 18% drop in earnings, but shares rose because the results were still better than what was expected now that Linens N Things is gone. Shares were up 22% at $31.30 before the close.

Cisco Systems, Inc. (NASDAQ: CSCO) rose after smaller rival, Juniper Networks Inc. (NASDAQ: JNPR), issued a revenue warning that was actually an in-line earnings report. It was not great, but proof that some earnings can be maintained in the sector. Cisco stock was means that earnings can be maintained somewhat in a challenging environment. Shares were up over 1% at $17.06 ahead of the closing bell.

Pulte Homes, Inc. (NYSE: PHM) is acquiring Centex Corporation (NYSE: CTX) in a $3.1 billion stock transaction to create the largest homebuilder in the US. Centex shares were up 18% at $9.04 and Pulte shares were down 11% at $9.58 shortly before the close.

Sprint Nextel Corp. (NYSE: S) got a pop briefly from a note last night by Jim Cramer on CNBC's Mad Money noting that the stock was under-followed and overly-hated too much. But sellers came in against his call, and shares were down almost 4% at $4.19 shortly before the close.