The market is mixed as we head into the second half of trading. Earnings and economic news have also been mixed with FedEx (FDX, $87.51, down $1.77) disappointing Wall Street on lowered quarterly and 2013 guidance.
FedEx matched expectations for the just ended period after reporting a profit of $1.40 a share on revenue of $10.8 billion but said Q2 earnings would come in at $1.30-$1.45 a share, down from $1.67 a share. For 2013, the company expects earnings to come in at $6.20-$6.60 a share versus estimates for $6.90-$7.40.
The news is obviously weighing on the Dow Transports which needs to hold 5,050 or this rally faces a pullback.
Here was our chart from earlier this month after the Transports tested support:
In economic news, the U.S. Current Account Balance fell 12% to $117 billion while the NAHB Housing Market Index gained 3 points to 40 which is the highest level the index has been since June 2006.
As far as the indexes, the Dow is up 4 points to 13,557 while the S&P 500 is down 2 points to 1,459. The Nasdaq is off 3 points to 3,175.
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