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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
According to stock index futures as of 7:10 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI ) will open the session flat, rising by just seven points at the start of trading. But that quiet beginning will probably look tame in comparison to the afternoon's volatility.
Investors will hear from the Federal Reserve at 2 p.m EDT when the Federal Open Market Committee releases its latest policy statement and its forecast for inflation, economic growth, and unemployment. Expect active trading in the wake of that release.
Still, even if the Fed's statement jostles stocks, the release won't have a long-term effect on their underlying businesses. With that in mind, here are a few individual stock stories to watch for in today's market.
AT&T (NYSE: T ) is expanding its business in Latin America. The telecom announced a new deal with America Movil today that will push its reach into 15 additional countries in the region. Moving beyond its base in Mexico and Brazil, AT&T plans to use America Movil's fiber optic network and data centers to offer its business services to customers in these new markets. AT&T shares are up slightly in premarket trading.
General Mills (NYSE: GIS ) is selling more snacks. It reported earnings results this morning that met profit expectations but beat analysts' forecasts on revenue. The food company saw sales rise by 8% in the quarter to $4.37 billion. Adjusted EPS ticked higher to $0.70 a share despite a dip in gross margin. New products like Yoplait Greek yogurt were key in driving sales growth in the quarter, giving management confidence to reaffirm full-year revenue and profit guidance. Shares are up 1% in premarket trading.
Adobe (NASDAQ: ADBE ) is succeeding in the cloud. The software maker's shares should see a boost today after it reported reaching 1 million cloud services subscribers in its fiscal third quarter. While overall results were in line with expectations, the surprisingly strong adoption of its subscription model points to stronger, more predictable sales results going forward. Shares are up 6.3% in premarket trading.
Finally, FedEx (NYSE: FDX ) beat estimates on both the top and bottom lines this morning. It reported $1.53 in profit for the quarter and a 2% boost in revenue to $11 billion. The package delivery giant also reaffirmed its guidance for the full year of between 7% and 13% profit growth. Shares are up 3.2% in premarket trading.
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