Midday movers: FedEx, Caterpillar

Stocks are higher ahead of the pending FOMC rate decision, due out later Wednesday afternoon.

By MSN Money Partner Mar 20, 2013 1:54PM
Wall Street sign copyright Corbis, SuperStockFedEx (FDX) reported third-quarter earnings that missed expectations, though its revenue came in a bit above the Street's forecast. The bellwether for global trade also lowered its full-year earnings forecast and shares declined nearly 6% at midday.

Caterpillar (CAT) shares slid almost 2% after the company disclosed that its retail sales of machines were down 13% in the three months ending in February compared to the prior year period

Among the notable gainers was Obagi Medical Products (OMPI), which rose 28% to $19.69 after agreeing to be acquired by Valeant Pharmaceuticals (VRX) for $19.75 per share in cash. Also higher were shares of Williams-Sonoma (WSM), which rose 11%, after the company reported better than expected earnings, boosted its dividend and announced a share buyback authorization. 

Among the noteworthy losers was Chesapeake Granite Wash Trust (CHKR), which fell 14% following a cautious article on the Seeking Alpha investing blog. Also lower were shares of Cintas (CTAS), which slipped 7% after issuing guidance that fell short of expectations. 
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