Midday movers: FedEx, Finisar, Ebix

Stocks are sharply lower for a second straight day after the Fed gave some indication Wednesday about its future plans to cut back on stimulus measures.

By MSN Money Partner Jun 20, 2013 1:48PM
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The day after FedEx (FDX) reported its fourth-quarter results and provided its guidance for the new fiscal year, its shares were downgraded at both JPMorgan and Morgan Stanley. In contrast, RW Baird said in a note to investors that FedEx should be bought at current levels and below. 

Among the notable gainers was Finisar (FNSR), which rose nearly 12% after the company beat fourth-quarter expectations and offered a better-than-expected view of its first quarter. 

Also higher were shares of video game retailer GameStop (GME), which advanced over 6% after Microsoft (MSFT) said that it would not allow video game publishers to restrict the sale of used games on the upcoming Xbox One console. 

Among the noteworthy losers was Ebix (EBIX), which plunged 40% after disclosing that the U.S. Attorney for the Northern District of Georgia opened an investigation into allegations of intentional misconduct at the company, which in turn led a Goldman Sachs (GS) affiliate to terminate its previously announced merger deal with Ebix. 

Also lower were shares of FuelCell Energy (FCEL), which fell more than 11% after announcing this morning the pricing of a senior convertible notes offering. 
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