Dow Up Eight Days in Row
After the close of trading, Palm (PALM) reported a third-quarter loss of 61 cents a share and sales that rose to $366 million, beating its own guidance for sales in a range of $300 million to $320 million. Analysts had been looking for a third-quarter loss of 42 cents a share. The stock lost 12 cents, or 2.1%, to $5.53 in after-hours trading.
Earlier, FedEx (FDX) beat analysts' estimates with a 76-cent fiscal third-quarter profit, and raised fiscal fourth-quarter guidance. Shares gained $2.87, or 3.2%, to $92.67. Shares of rival United Parcel Service (UPS) added $1.54, or 2.5%, to $64.42.Financial and commodity-related sectors were the worst performing sectors, with Alcoa (AA), Bank of America (BAC) and Caterpillar (CAT) serving as the Dow's biggest laggards. Citigroup (C), Ford Motor (F) and Bank of America were the most heavily traded shares on the New York Stock Exchange, which had a listed volume of 4.2 billion. The Dow, meanwhile, saw volume of 153 million, compared with an average of 200 million. Sirius XM Radio's (SIRI) stock lost 3.6% and seeing heavy trading on the Nasdaq after the exchange gave it a delisting warning.
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