Wall Street dropped in early trading Wednesday as results from FedEx and Morgan Stanley failed to provide much in the way of encouragement.
FedEx swung to a wider-than-expected loss in its fiscal fourth quarter of 241 million U.S. dollars, as the company was hurt by fuel prices and the weakening U.S. economy. Meanwhile, the company predicted that earnings per share in the first quarter may be nearly half the previous year's levels.
Moreover, Morgan Stanley, the U.S. second largest investment bank, reported a higher-than-expected fiscal second-quarter profit because of asset sales. But its earnings fell 61 percent from a year earlier as revenue declined sharply. Both FedEx and Morgan Stanley declined in early trading.
The Dow Jones fell 31.34 to 12128.96. Broader indexes also moved lower. The Standard & Poor's 500 index fell 5.73 to 1345.20;and the Nasdaq dipped 9.82 to 2,447.91.
Source:Xinhua
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