Midday movers: Adobe, FedEx, Sprint

Stocks are drifting in negative ground ahead of this afternoon's Federal Reserve announcements.

By MSN Money Partner Jun 19, 2013 1:40PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

FedEx (FDX) shares advanced over 3% after the company's quarterly revenue was in-line with the consensus forecast and its earnings beat expectations. 

Among the notable gainers was Adobe (ADBE), which rose 6% and was upgraded at Bank of America Merrill Lynch following its better than expected earnings. 

Also higher were shares of Keryx Biopharmaceuticals (KERX), which gained 7% after the stock was initiated with an Overweight rating and $13 target at JPMorgan. 

Among the noteworthy losers was Sprint (S), which fell about 3% after DISH Network (DISH) said it would not submit a revised takeover offer for the telecom company before yesterday's deadline imposed by Sprint. 

Also lower were shares of Men's Wearhouse (MW), which slid 2% after the company removed its founder, executive chairman and commercial spokesperson George Zimmer, without offering a reason for the dismissal. Zimmer later said in a statement that the board had 'inappropriately silenced concerns' he was expressing about the company.

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