Midday movers: FedEx, AMD, Energizer
Stocks near flat as investors seek direction in a lackluster session.
Shares of FedEx (FDX) slumped 2% after the company beat earnings expectations for the quarter that just closed but sharply lowered its view for its current fiscal year. FedEx guided second quarter earnings per share at $1.30-$1.45, well below the $1.67 consensus, and lowered its fiscal year 2013 earnings per share outlook to $6.20-$6.60 from $6.90-$7.40.
Among the notable gainers Tuesday, Velti (VELT) was up 12% after signing a $27 million mobile marketing deal, and Energizer (ENR) was up over 9% after the company said it expects to achieve yearly pre-tax savings of $175 million-$200 million from its restructuring plans.
Among the noteworthy losers was Advanced Micro Devices (AMD), down nearly 8% after the company's CFO resigned to pursue other opportunities.
Also lower were MCG Capital (MCGC), down 11% after being downgraded to "sell" at Stifel Nicolaus, and Optimer (OPTR), down more than 8% following a downgrade to an "underperform" rating at Bank of America Merrill Lynch.
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Stocks are facing some serious resistance as the bears tear into the market's respite.
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