Some of Wednesday's midday movers:» Read More
1) Reliance Steel just jumped 5 percent as they updated guidance, raising it 30 percent from previous guidance, due to much higher increases in carbon steel prices.
United Parcel Services' after the bell earnings warning and the continued meltdown in financial stocks are casting a negative tone on the market ahead of Tuesday's open.
United Parcel Service on Monday warned that its second-quarter earnings would be below expectations due to a sluggish U.S. economy and soaring fuel costs.
The Dow ended little changed on Monday as renewed concerns about the outlook for financial shares offset gains in energy stocks. What's the "Word on the Street?"
I noted yesterday the miserably bearish mood Wall Street has been in recently. The market has been having problems because the central assumption of bulls--that the second half of the year would see a rebound in earnings--is coming under attack. As a result, traders have been taking every opportunity to sell into rallies in June.
Stocks closed lower again on Wednesday. For a time, the Dow traded below the 12,000 mark for the first time since mid-March. What's the "Word on the Street?"
Stocks closed lower Wednesday, led by financial and auto stocks after worrisome results from Morgan Stanley, CarMax and FedEx. Regional banks also took a hit after Fifth Third cut its dividend.
The Dow closed at a 3-month low, due to the continuing weakness in financials. New lows expanded at the NYSE to nearly the highest levels in 3 months.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
Many are now pinning their hopes on the dollar...and this is why traders have cheered concerted efforts by Fed officials plus U.S. officials to prop up the dollar. Traders hope a concerted rally in the dollar will see oil trade below $110, stocks will rally, gold will come down..
Stocks opened lower Wednesday as investors booed results from Morgan Stanley and a dismal outlook from economy gauge FedEx.
Package delivery company FedEx Wednesday forecast a weak fiscal 2009 after posting a quarterly loss it blamed on rising fuel prices, an ailing U.S. economy and a previously announced write-down.
FedEx is the main story this morning, and it is not a pretty picture. Earnings of $1.45 was a bit shy of consensus of $1.47, but that wasn't the big problem. Guidance for the current quarter is well below expectations: $0.80-$1.00 vs. $1.27, as is the full year guidance of $4.75-$5.25 vs. $5.92 consensus.
Wall Street was bracing for another rough day as investors worried over earnings reports and oil inventories, with bad news from Federal Express adding to the downbeat mood.
Sloppy and choppy was the market trend Tuesday, and there's signs it could continue into Wednesday with no economic data on the horizon to drive stocks.
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Investors are eagerly anticipating FedEx earnings on Wednesday. After Goldman upgraded Amazon, will delivery of purchases made online boost the bottom line?
How long can this trade (long energy & materials, sell rallies in financials) work? Bulls think it can go on for some time; bears believe we are in a blow-off on energy and materials and it is only working right now because it is the end of the quarter, but will soon stop.
High fuel prices and a lackluster economy aren't making life easy for FedEx, but that doesn't mean the shipping giant can't make money.
Goldman Sachs spacerturned in another stellar performance under difficult circumstances with an earnings report that far exceeded expectations. Return on equity was 20% when other investment banks are posting losses. 52% of the revenues were from trading operations which are volatile and risky and that's why these stocks trade at what seem to be low price to earnings valuations. My guess is Goldman is picking up business by default as traders can easily justify doing business with Goldman.