Diamonds and Dogs
At least one diamond as FedEx (FDX) is up 7%, the biggest gainer in the S&P 500, thanks to strong earnings and raised guidance. The shipping giant also raised its profit forecast due in part to cost cutting for the fiscal year, saying it sees earnings of $13.80 to $14.40 a share before mark-to-market retirement plan accounting adjustments, compared with a prior forecast of $12.50 to $13.50 a share.
Rollercoaster ride the regional banks this week. First Republic (FRC) is down 24% after opening down 20% yesterday, but rallying into the green on a $30 billion cash infusion from 11 big banks to try and shore up deposits. Argus downgraded the First Republic Bank stock to Neutral from Overweight while Wedbush downgraded the stock to Neutral from Outperform with a $5 target.
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