2012 Stock Predictions and Outlook
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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) 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.
--Written by Andrea Tse and Joe Deaux in New York. >To contact the writer of this article, click here: Andrea Tse.