Dow Bumps Higher; S&P 500, Nasdaq Lag
October crude oil futures slipped $1.27 to settle at $95.29 a barrel, while December gold futures settled up 60 cents at $1,771.20 an ounce on Tuesday.
In corporate news, shares of FedEx fell more than 3% after the package delivery giant lowered its full-year earnings outlook to between $6.20 and $6.60 a share, down from its prior estimate of $6.90 to $7.40 a share, as the company continues to feel the pain of the sluggish global economy.
The company estimates earnings of $1.30 to $1.45 a share in the current quarter, down from $1.57 a share a year earlier. FedEx posted fiscal first-quarter earnings of $1.45 a share versus the $1.40 a share predicted by Wall Street.
"Earnings for the first quarter were below our expectations as weak global economic conditions dampened revenue growth, drove a shift by our customers to our deferred services and outpaced our near-term ability to reduce FedEx Express operating costs to match demand levels," Alan Graf, the company's chief financial officer, said in a press release.AMD's (AMD - Get Report) stock was roiled by nearly 10% following the abrupt resignation of the company's well-regarded chief financial officer, Thomas Seifert. The No. 2 chip maker behind Intel (INTC) said Monday that Seifert, who joined AMD in 2009 and served as interim CEO in 2011, is leaving to pursue other opportunities. Also, Apple (AAPL) shares crested above $700 in regular-session trading for the first time on Tuesday, following through on the strength seen in Monday's after-hours action. The stock finished at $701.91, up 0.30%. Shares of Dole Food (DOLE) dipped less than 1% after the company agreed to sell its worldwide packaged foods and Asia fresh produce businesses for $1.7 billion to Itochu, the Japanese trading house.
2012 Stock Predictions and Outlook
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