U.S. stocks opened mildly lower on Thursday after global shipper FedEx projected earnings for the second quarter and full 2010 came in beneath expectations. The Dow Jones Industrial Average fell 20 points to 10,552. The S&P 500 fell 3 points to 1,121. The Nasdaq Composite declined 2 points to 2,298. The FedEx numbers are not helping things. Williams Company is down 3% after lowering numbers and Dress Barn is down 2% after missing earnings estimates. But not all the news is bad. Gamestop is jumping 7% after announcing a big share buyback. Pier One is up 4% following earnings. Ford is up 3% on an upgrade. Saks is higher on rumors of takeover talk. Amazon is higher on an upgrade. At 10 o'clock a weaker than expected Manufacturing number sent the Dow down 50 points. The Nasdaq declined 12 points. However the sell off did not last. Within the first hour the averages were battling back to the unchanged level. That's a good sign. The commodities are acting well like Freeport McMoRan and the fertilizers. Through the morning and into the lunch hour the averages remained in the red, but not by much. The commodities still look good. Ford is up 5% now and Research in Motion is higher ahead of earnings tonight. Oracle is trading lower ahead of earnings. In the last hour the averages were about to hold on to gains. The Dow Jones Industrial Average finished up 22 points at 10,594 with 19 of its 30 components rising, led by a 1.8% rise in shares of Hewlett-Packard. The S&P 500 index fell less than a point to 1,124, weighed by the energy, utilities and financials sectors. The Nasdaq Composite gained a point to 2,303.
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