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FedEx Lowers 2013 Profit Target

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:05
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This transcript is automatically generated

This is -- Imus in the morning.

-- -- -- Everyone shares of FedEx is trading lower in premarket after the company cut its profit forecast for -- 2013 is -- here.

Due to the weakening world economy the overnight package shippers cutting its -- -- -- thirteen outlook to range of six dollars twenty cents.

And six dollars sixty cents a share the estimate.

Is seven dollars three cents FedEx be lowered guidance for its fiscal first quarter with a profit of one dollar 45 cents a share a nickel above expectations.

Revenue of ten point 79 billion also beat the estimate FedEx is also raising its shipping rates by an average of nearly 4%.

For US domestic US export and US imports services.

Checking the markets now here in the US futures have been down across the board all morning we're seeing Dow futures -- down by sixteen.

Yes and he's down by wanna nasdaq's down by 75 -- higher than we've seen them most of the morning.

In Europe investors are concerned about whether Spain will ask for a bailout are not and stocks there are down as well London's down by almost thirty Paris is down by about twenty.

And Frankfurt's down by 41.

Let's take a closer look now what's moving those markets with Michael Hewson -- markets analyst at CMC markets over in London.

Michael investor confidence in Germany's economy rose in September after -- for the previous four months and yet markets are still down how problematic is that.

But I think he's really unexpected Diane I mean we've had this we've had a slight improvement in business confidence but I think that's largely as a result of last week's events.

The German constitutional -- ruling the fact that -- selection.

Go to like family you know without incident and obviously the sugar rush from the Fed's quantitative easing I think what we need to look -- -- -- sustained.

Decline because of the end of the -- These numbers is still very very negative and nothing going for what we need sees a sustained improvement so one -- -- is -- not reading too much into the out of money.

Right and the French finance minister said today that the -- to announce place to help Spain.

But that other countries are powerless to make Madrid asked for that help.

I want -- kind of impact is this delay having on those other countries as they await Spain's next -- Yeah I'm -- broke up a little bit then but also what a fool you lost me.

By simply because kick the concerns about -- you know will Iowa and I also sell from buy and Allen of the -- -- the -- -- expecting some wall.

The pressure has come off.

As yields have come down I had a T bill auction this morning the yields -- sliding off the twelve and eighteen month bills but that still around 3%.

Which is very very high.

And ten the -- bond yields pushed back up.

26%.

Spanish bad loans have also increased in July to nearly 10% of the west since 1962.

Cent.

There is an -- for all concerned.

They explained that lie ease policy front but -- these bond yields could -- to go back up again.

And as a result we -- go -- this -- cycle that we've been going through over the past 63 years.

Not Michael -- couldn't hear very well -- answer the question just perfectly thanks Michael great having you on thanks thanks signed truth.

And shares of apple are above 700 dollars in premarket trading having hit that level for the first time.

-- extended trading after the company booked more than two million orders for the iPhone 5 in the first 24 hours.

That's double the company's first day sales record for the iPhone four ads.

That's John demand could -- give apple a strong holiday quarter.

-- the I thought accounts for half of Apple's revenue.

Apple says it would deliver most phones as planned by Friday but -- where some people who pre order the iPhone won't receive theirs until next month.

The Canadian Auto Workers Union says it has reached a tentative four year contract with Ford averting a strike.

At the auto -- Canadian plants the union has also extended talks with Chrysler and GM helping to head off potential strikes and those companies.

The CAW agreed to indefinitely extend -- midnight strike deadline a modest progress at the bargaining table continues.

The union says Ford's deal eliminates cost of living increases and freezes the pay.

A veteran workers it also reduces -- starting pay for new hires and stretches out the period when there wages can reach that a veteran workers.

The CAW represented a 4500 workers at Ford.

Liberty -- moving closer to gaining control of serious XM radio John -- investment company has converted nearly half of its preferred shares.

In the satellite radio company to common stock.

According to an SEC filing following the con version and liberty owns about 32% have serious common stock and when you account for the preferred shares that haven't been converted.

Liberties effective stake in serious is 49 point 5%.

The company has asked the FCC for approval to take outright control of serious saying it plans to raise its stake in the company above 50%.

Here's a look at commodities now oil and gold -- down Imus in the morning continues right now.

I'm Fox Business.

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