Great charts from our friends over at The Chart Store.
September is — ON AVERAGE — the cruelest month for stocks and FedEX is reinforcing the monthly seasonality trading down $3 in AH after warning of global weakness.
MEMPHIS, Tenn., September 4, 2012 … FedEx Corp. today announced that earnings for the first quarter ended August 31, 2012 are expected to be in the range of $1.37 to $1.43 per diluted share, compared to $1.46 per diluted share last year. The company’s original first quarter forecast was for earnings of $1.45 to $1.60 per diluted share.
Earnings during the quarter were lower than originally forecast, as weakness in the global economy constrained revenue growth at FedEx Express more than expected in the earlier guidance.
The company has not yet closed the books for the quarter. Additional information will be available on September 18, 2012, when the company releases a full earnings report at 6:30 a.m. CDT and conducts its quarterly earnings conference call at 7:30 a.m. CDT.
Equities had a nice bounce today, which once again reinforces our view there are not many real sellers out there. The bears are having trouble breaking the market and shorts are too afraid and/or emasculated to let ‘em ride when support holds and the market turns.
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