At 11 am, the stock is down $3.53 to $34.10, a loss of 9.38%. 5.46 million shares have traded hands so far, compared to a past three month daily average of 3.63 million shares.

The company reported its 2010 second quarter results before the bell this morning, triggering the sell-off today. Of concern to analysts, is the fact that the company’s margins are coming under pressure.

Abercrombie & Fitch reported that its gross profit margin for the period was 65.1%, 150 basis points lower than the second quarter period of last year, even as the company announced a 17% increase in second quarter sales to $745.8 million. This indicates that the company is selling its products at a lower price.

Calling the offer “grossly inadequate,” the company’s board unanimously rejected the offer.

The company issued a press release in which it’s chairman Dallas Howe stated “The PotashCorp Board of Directors unanimously believes that the BHP Billiton proposal substantially undervalues PotashCorp and fails to reflect both the value of our premier position in a strategically vital industry and our unparalleled future growth prospects.”

To protect against unsolicited offers, the company also announced that it has adopted a shareholder rights plan.

According to the company, In connection with the adoption of the Rights Plan, the Board of Directors authorized the issuance of one share purchase right in respect of each common share of PotashCorp outstanding as of the close of business on August 16, 2010 (and each share issued thereafter, subject to the limitations set out in the Rights Plan). Under the terms of the Rights Plan, the rights will become exercisable if a person, together with its affiliates, associates and joint actors, acquires or announces an intention to acquire beneficial ownership of shares which, when aggregated with its current holdings, total 20% or more of PotashCorp’s outstanding common shares, subject to the ability of the Board of Directors to defer the time at which the rights become exercisable and to waive the application of the Rights Plan.

Following the acquisition of more than 20% of the outstanding common shares by any person (and its affiliates, associates and joint actors), each right held by a person other than the acquiring person (and its affiliates, associates and joint actors) would, upon exercise, entitle the holder to purchase PotashCorp’s common shares at a substantial discount to their then prevailing market price.

For the period, Priceline reported revenue of $767.4 million, a twenty percent climb from the $603.7 million in revenue it reported in the same period last year. The company reported earnings of $115 million, which works out to $2.26 on a per share basis, compared to the $67.1 million, or $1.38 per share earned in Q2 2009. But for one time charges, Priceline would have reported earnings of $158.2 million or $3.09 on a per share basis.

Analysts had been looking for the company to report revenue of $733 million and earnings per share of $2.64.

Priceline shares have been on an uptrend since July 28, with the shares having closed higher everyday since then. With another higher close today, which is all but guaranteed, Priceline’s stock will have made it six up days in a row.

Apple reported that in the period, it had revenue of $15.7 billion, compared to revenue of $9.73 billion in the year ago second quarter period. Profit came in at $3.25 billion or $3.51 on a per share basis, compared to quarterly profit of $1.83 billion or $2.01 per share in Q2 2009. Analysts had been forecasting revenue of $14.7 billion and earnings per share of $3.11.

For the current quarter, the company is forecasting revenue of $18 billion, against analysts’ forecasts of $17 billion and earnings of $3.44 per share, against analysts’ forecasts of $3.83.

In the period, Apple sold 8.4 million iPhones, up 61 percent from last year, 3.3 million iPads, 1.7 milion of the company’s latest iPhone, which just went on the market towards the end of the quarter and 3.47 million Macs, a 33% increase and 9.41 million iPods, which was an eight percent decline in unit sales.

Apple shares are up $9.37 or 3.72% on the news in pre-market trading this morning.

Operating income rose from a loss of $12 million in Q2 2009, to $3.98 billion, while net income rose to $2.88 billion, from a loss of $398 million Q2 2009. Results from the second quarter of 2009, were affected by a $1.06 billion fine that was levied on the company by the European Union.

The company’s gross margin, which is closely followed by analysts, rose to 67%, from 51% a year ago. Intel had previously announced that it expects to realize margins of 64%, plus or minus 2%.

On a per share basis, the company earned $0.51, compared to the $0.43 analysts had been forecasting, on revenues of $10.25 billion. The company had also provided its own revenue guidance of $10.2 billion, plus or minus $400 million.

Intel’s stock rose as much as $1.72 or 8.1% in after hours trading on the news.

Sales for the period rose twenty-two percent to $5.18 billion, compared to sales of $4.24 billion in the second quarter period last year, as a result of a four percent increase in aluminum shipments as well as a one percent rise in third-party prices for alumina.

The company’s improved financial picture is also partly due to a restructuring the company undertook last year, that saw it cut 13,500 jobs.

In after hours on Monday, Alcoa shares rose to $11.30, from a close of $10.87.

Fertilizer producer CF Industries (CF) is up $3.17 or 5.12% to $65.13. Online retailer Amazon (AMZN) is up $3.33 or 3.07% to $111.94.

Among the losers, Celgene (CELG) is off $2.11 or 3.96% to $51.13. The stock is off the lows of the day however. CELG traded as low as $49.54 in earlier going.

In early afternoon trading, Wynn Resorts (WYNN) is up $0.87 to $86.90 and we are looking for some more upside in the shares. Yesterday, we sent out a buy trade alert to subscribers of our Navivest Options Capitalist service on the Wynn July 90 calls.

We also like commodity related stocks, which while already up on the day, should see some more upside. In the space, we like Freeport McMoRan (FCX), which is only up $1.26 to $64.70.

At 10:38, Google is down $5.22 to $494.81. There is no news out on the company. that’s impacting the stock and this might be more of a technical trading issue, with Google shares facing resistance at the $500 area, which the stock has had a time clearing in the prior four sessions.