Diamonds and Dogs
FedEx (FDX) one of the few S&P 500 stocks higher following better than expected earning the other day. FedEx reinstated guidance for the full year late Tuesday after beating earnings estimates for its second quarter on the back of major moves to cut costs. The delivery giant booted cost-cutting plans, sending FDX stock sharply higher Wednesday after a string of down days.
Micron (MU) lower following earnings. The DRAM maker looking to build a plant in CNY is down 4% after missing estimates and guiding earnings lower. The company is looking to cut costs, reduce headcount to preserve cash during this downturn. Longer term, Micron is fine as demand for their chips continues to expand.
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