(Premarket story updated with stock price changes)
NEW YORK ( TheStreet) -- FedEx ( FDX) 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), 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.

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