FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
Check out the companies making headlines in midday trading.Market Insiderread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
Check out which companies are making headlines before the bell:
PepsiCo — PepsiCo reported adjusted quarterly profit of $1.40 per share, eight cents above estimates, while revenue also exceeded forecasts. PepsiCo raised its full-year forecast as well, as demand for snacks and beverages increases.
ConAgra Foods — ConAgra reported adjusted quarter earnings of 61 cents per share, beating estimates of 48 cents, although revenue was slightly below forecasts. This is expected to be the last report before the food producer splits into two separate companies. ConAgra notes its sales dropped as it tries to reshape its portfolio to build a higher quality revenue base.
Accenture — The consulting firm reported adjusted quarterly profit of $1.31 per share, a penny above estimates, with revenue also beating forecasts. Accenture was helped by strength in new bookings and expansion in profit margins. It also announced a 10 percent increase in its semi-annual dividend to $1.21 per share.
Viacom, CBS — Controlling shareholder National Amusements has issued a letter to the boards of both companies, urging them to explore a merger. The two media companies were part of one company until a split in 2006.
Wells Fargo — Chief Executive Officer John Stumpf heads back to Capitol Hill to testify before the House Financial Services Committee on the bank's recent sales practices controversy.
Transocean — Transocean saw investor Carl Icahn cut his stake in the oilfield services provider to 1.5 percent from 5.9 percent, although Icahn did say he continues to have confidence in Transocean management. Icahn recently cut his stake in Chesapeake Energy as he scales down energy-related investments.
Apple — Barclays removed Apple as a "Top Pick", following the recent jump for the stock. Barclays thinks a recovery for global smartphone sales could take longer than anticipated.
Retail Stocks — CLSA released a report on the retail industry which rates Coach, Tiffany, and Ralph Lauren as "buy" rated, while it calls Michael Kors a "sell". CLSA said Coach has sales momentum, Tiffany could be helped by low expectations, and that Ralph Lauren is in the early stages of a turnaround. As for Michael Kors, CLSA feels its biggest markets are near maturity and that there are few drivers to help boost sales.
Intra-Cellular Therapies — The drug maker saw its shares plunge in after-hours trading on disappointing study results for its lead drug, which is designed to treat schizophrenia.
Novo Nordisk — The company will cut 1,000 jobs in a cost cutting move, as the world's largest insulin maker tries to deal with what it calls a challenging 2017 environment. The Danish drug maker currently has a global workforce of more than 42,000.
Pier 1 Imports — Pier 1 reported a quarterly loss of five cents per share, matching estimates, but the home goods retailer's revenue was weaker than expected on a drop in customer traffic. The company said it is implementing various strategic moves to attract more shoppers amid a competitive promotional environment.
Facebook — Facebook announced a partnership with the World Bank and the OECD on data collection aimed at giving broader and better insights into the global economy.
EBay — Deutsche Bank upgraded the eBay to "buy" from "hold", due in part to anticipated success from the online retailer's branding campaign.
FItBit — Pacific Crest downgraded the wearable fitness device maker to "underweight" from "neutral", pointing to a slow sales start to the new Fitbit Charge 2 among other factors.