Stocks open lower as FedEx profits fall
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Stocks opened lower on Wall Street on Tuesday after FedEx Corp. reported a drop in earnings amid a global economic slowdown.
The Dow Jones industrial average was down 4 points, essentially flat, at 13,549, shortly after the opening bell.
The Standard & Poor’s 500 index lost 3 points, or 0.2%, to 1,458. The Nasdaq was off 5 points, or 0.2%, to 3,174.
FedEx posted $459 million, or $1.45 a share, in profits in its fiscal first quarter, down 1% from $464 million, or $1.46, for the same period a year ago.
FedEx, whose performance is seen as a harbinger for the broader economy, lowered its forecast profits for fiscal 2013.
The company had forecast earning $6.90 to $7.40 per share, but lowered the outlook to $6.20 to $6.60 a share for the full year.
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