Midday movers: FedEx, Adobe

Stocks are down as investors await the conclusion of the Fed’s FOMC meeting.

By MSN Money Partner Sep 18, 2013 1:55PM
SuperStock, CorbislogoInformation provided by Theflyonthewall.com

FedEx (FDX) shares gained nearly 3% after the shipping company's earnings beat consensus expectations.

Walgreens (WAG) announced that it would begin providing health insurance to more than 160,000 of its employees through a private health insurance exchange. Walgreens' announcement weighed on Catamaran (CTRX), which appears to have lost that business, and its peer Express Scripts (ESRX). Investors may be fearing Walgreens' move is another sign of an emerging trend of large companies providing benefits to their employees through private exchanges, which some may worry will be a negative for pharmacy benefit management companies. 

Among the notable gainers was Atossa Genetics (ATOS), which rose 30% after entering into a nationwide distribution agreement with McKesson Medical-Surgical (MCK). Also higher were shares of Adobe Systems (ADBE), which advanced over 7% after the company announced worse than expected quarterly earnings and revenues, but better than expected creative cloud subscription growth. 

Among the noteworthy losers was Tower Group (TWGP), which plunged 26% after the company delayed its Q2 results and its stock was downgraded at FBR Capital. 

Also lower was Triumph Group (TGI), which fell 10% after saying it expects to record pre-tax additional program costs of about $68M primarily associated with its 747-8 program. 
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