FedEx delivered a strong fiscal fourth and gave a bullish outlook for fiscal 2015. FedEx said it didn't expect any net year-over year fuel impact for fiscal 2015, but then raised the fuel surcharge for freight by 3%. This comes at a time when energy prices are rising due to middle east tensions escalating. FedEx earnings were also helped by an enormous share buyback. FedEx volumes increased domestically and the company has been able to offset the weakness in its Express business which is becoming less popular with customers who are looking to save money. The stock though is down year to date.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.