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FedEx Delivers -- With Caveat

As suspected FedEx beat estimates for their first quarter but lowered full year guidance. Recall that they introduced fiscal 2008 guidance last quarter of $7.00-$7.40, but today lowered it to $6.70-$7.10. CEO Frederick Smith said that the global economy was solid "outside the U.S." but that "financial market volatility and high energy costs" increased uncertainty around the economic outlook.

Bear Stearns missed the numbers and in some sense was a mirror image of Goldman , with fixed income net revs down 88%. Most importantly, they didn't give us any color on the level of writedowns, as Lehman, Morgan and Goldman did not.

Circuit City was just ugly -- much bigger loss than expected for Q2 and full year guidance is now expected to be a loss. Street had expected a gain, but company store sales were down 8%, they had lower gross margins on TVs and PCs and reduced sales of items with warranties. The bottom line: it looks like the losses on market share are accelerating.

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