Stocks edge up; FedEx sinks after profit warning
NEW YORK (AP) — U.S. stocks are edging higher just before noon, but the gains are being held in check by a warning from the huge package delivery company FedEx, which cut is profit forecast for the year because of a slowdown in the global economy.
FedEx, which many investors see as a bellwether for the global economy, said its earnings would take a hit because of weakness in its express delivery business. That's a sign that FedEx's customers around the world are choosing slower, cheaper delivery options. FedEx's stock fell 93 cents to $86.61.
The Dow Jones industrial average was up 40 points at 13,076 just before noon on Wednesday. The Standard & Poor's 500 index gained two points to 1,407. The Nasdaq composite index gained three points at 3,078.