Markets Almost Flat Before Fed Policy Announcement

The markets started slow on Wednesday, awaiting the upcoming press conference of the Federal Reserve chair Janet Yellen and the announcement about the latest monetary decisions from the Fed. In this way, the Dow Jones Industrial Average (INDEXDJX:.DJI) edged down around 13.40 points, equal to 0.08% and the S&P 500 INDEX (INDEXCBOE:SPX) gaining 0.13% at approximately 10.00 am EST. Russell 2000 (INDEXRUSSELL:RUT) also inched down 0.2%, after yesterday appreciating by around 0.7%.

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However, several stocks started the day with a rally with FedEx Corporation (NYSE:FDX) being one of them. FedEx Corporation appreciated by over 5% so far to $147.30 per share on the back on the financial results reported today. For the fourth quarter of its fiscal year, ended May 31, FedEx Corporation (NYSE:FDX) showed EPS of $2.46, above the last year result of $2.13. For the full year, the diluted EPS grew to $6.75 from $6.23 in the previous year. At the same time, the company provided a bright outlook for its 2015 fiscal year, expecting earnings in the range between $8.50 and $9.00 per diluted share. FedEx Corporation (NYSE:FDX) also expects to raise its capital spending to $4.2 billion.

Another stock that gained ground on Wednesday morning is Adobe Systems Incorporated (NASDAQ:ADBE), which started the day with a 10% gain, while currently it is trading around 8.8% up. Adobe also reported its financial results for the second quarter of its fiscal year 2014 yesterday. The company reported a revenue of $1.07 billion, which is above its previous target between $1.00 and $1.05 billion. The net income of Adobe Systems Incorporated (NASDAQ:ADBE) for the second quarter advanced to $0.17 per share, from the last year result of $0.15 per share.

On the other hand, the start was not so good for ConAgra Foods Inc (NYSE:CAG), which lost almost 7% on Wednesday morning, currently trading close to $30.60. Since the beginning of the year, the stock of this $13 billion market cap, packaged food company lost around 9%. The same as with the aforementioned stocks, the main impact on ConAgra Foods Inc (NYSE:CAG) was caused by the financial results, which have been weak in its last fiscal year. The company reported that for its fiscal year 2014, the diluted EPS will be below the previous outlook, the preliminary result showing a loss of $0.76 for the fourth quarter. As ConAgra Foods Inc (NYSE:CAG) said in a statement, the underperformance is mainly due to a 7% quarterly volume decline for the Consumer Foods segment and small profits for the Private Brands segment. More exact numbers should be expected on June 26, when the company will release its financial statements.

In the commodities segment, the things look good for the Oil BRENT, which picked up 0.16% to $113.6, the WTI, on the other hand, edged down by 0.01% to $106.30, although its day high stands at around $106.97 so far. Gold and Silver Futures are trading in green, up by 0.02% and 0.22% respectively. Platinum has appreciated more, by around 0.36%, while Copper declined by 0.16%.

Disclosure: none

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