(Premarket story updated with stock price changes)
NEW YORK (TheStreet) -- FedEx (FDX - Get Report) said second-quarter net income fell 18% to $283 million, or 89 cents a share, from $345 million, or $1.10 a year ago.

Excluding certain items, earnings were $1.16 a share, falling below analysts' estimate of $1.31. Revenue rose 12% to $9.63 billion from $8.59 billion the previous year. Wall Street forecast revenue of $9.7 billion.

Shares of FedEx fell 2.2% to $90.35 in premarket trading.

CGG Veritas ( CGV) announced a profitability program that the company says will lead to a positive impact of $150 million on operating income by 2012.

Shares of CGG Veritas rose 3.4% to $28.50 in early morning trading.

DryShips ( DRYS) announced that it has priced its private offering of shares of subsidiary Ocean Rig UDW at $17.50 for gross proceeds of $500 million.

Shares of DryShips were up 1.5% to $6.06 in premarket trading Thursday.

General Mills ( GIS - Get Report), the maker of Cheerios cereal, said fiscal second-quarter net earnings rose almost 9% as net sales increased 1% to $4.07 billion.

Shares of General Mills were 0.3% lower to $36.28.

BP ( BP - Get Report) will be liable for more than $21 billion in fines if the company if found to be responsible for damages in a legal battle initiated by the U.S. government over the Gulf of Mexico oil spill.

Shares of BP were down 0.2% to $43.94 in premarket trading, but have regained traction, moving up 0.5% to $44.08.

Bank of America ( BAC - Get Report) said it has secured additional time to negotiate in a dispute with a large bondholder group over about $47 billion in soured mortgage backed securities.

Shares of the bank rose 2% to $12.53 in premarket trading.

Pier 1 Imports ( PIR - Get Report) reported that third-quarter net income fell about 46% to $21 million, or 18 cents a share, from $38.8 million, or 37 cents a share a year ago. Net sales rose about 8% to $353.7 million from $327 million a year ago. The average consensus estimate for the quarter was 14 cents a share on revenue of $352.7 million.

Shares of the company were down 0.2% to $10.40 before regaining traction. The stock is up 1.1% to $10.49.

Weighing on the SciClone Pharmaceuticals ( SCLN) stock has been news that a phase 2b clinical trial of the company's proposed hepatitis B treatment, SCV-07, missed its primary endpoint.

Shares of SciClone tumbled 7.3% to $3.70 in premarket trading.
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-- Written by Andrea Tse in New York.

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