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As suspected FedEx [FDX
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] 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 [BSC
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] missed the numbers and in some sense was a mirror image of Goldman [GS
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] , with fixed income net revs down 88%. Most importantly, they didn't give us any color on the level of writedowns, as Lehman, Morgan [MS
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] and Goldman did not.
Circuit City [CC
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] 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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