U.S. stocks opened lower on Wednesday after shipping giant FedEx offered a weak outlook and economic data did little to bolster sentiment. The Dow Jones Industrial Average fell 54 points to 10,350. The S&P 500 Index declined 5 points to 1,110. The Nasdaq Composite shed 9 points to 2,296. FedEx is trading down 3% dragging the transports with it. Scotts Miracle Gro is down 4% after their earnings report. Nokia is down 9% after slashing earnings estimates. Thanks Apple. Speaking of Apple, that stock is one of the few trading higher along with Google. Google is back above $500 a share for the first time in a long time. The chips are lower except for Cypress which was upgraded. The financials opened modestly lower this morning, but then tried to rebound. JP Morgan is higher on an upgrade. Jefferies is lower on cautious analyst comments. Fannie and Freddie Mac are both down 40% after announcing the delisting from the NYSE. In the commodity space, BP is down once again testing some recent lows. Sunoco is higher by 6% after announcing plans to restructure their business. In the retail sector Dreamworks is down 3% on a downgrade from Goldman Sachs. Autozone is higher by a percent after announcing a share repurchase program. After the first hour the averages remain in the red not far from where they started the day. Through the morning the averages slowly recovered led by the techs. BP had a nice turnaround on news the company is thinking of creating an escrow account to collect money for the oil disaster. In the afternoon, BP pushed higher after they suspended their dividend. The averages moved into the green. FedEx has not recovered, but the transportation average has held up. In the last hour the averages gave up their gains. The Dow Jones Industrial Average finished up 4 points at 10,409. The S&P 500 index lost 62 cents to close at 1114.The Nasdaq Composite inched up 5 cents to 2305.
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