Midday movers: FedEx, Chevron

Stocks slump despite positive earnings results from Alcoa and Yum Brands.

By MSN Money Partner Oct 10, 2012 1:25PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

BAE Systems (BAESY) and EADS (EADSY) announced that they have decided to terminate their merger discussions. The companies said, "Discussions with the relevant governments had not reached a point where both companies could fully disclose the benefits and detailed business case for this merger.” 

FedEx (FDX) reaffirmed both Q2 and FY13 EPS estimates, sending the stock higher by about 5%. 

Cummins (CMI) lowered its FY12 revenue and EBIT guidance and announced a workforce reduction of 1,000 to 1,500 employees by year-end.

… Among the notable market gainers Wednesday were True Religion (TRLG), up more than 21% after announcing that its board has formed a special committee to explore a potential sale of the company, and Yum Brands (YUM), up over 8% after beating Q3 EPS estimates and raising its FY12 adjusted EPS view. 

Among the noteworthy losers were Helen of Troy (HELE), down over 9% after missing Q2 estimates and cutting FY13 EPS guidance, and Chevron (CVX), down about 4% after noting that its Q3 EPS will be “substantially lower” than Q2 in its interim update. 
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