S&P MidCap 400 in Focus: CATY LPX

The Standard & Poor's MidCap 400 index fell in midday trading Wednesday as the broader markets digested FedEx Corp.'s warning that slumping demand and high fuel prices may hamper fiscal 2009 profits.

The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.

The index fell 5.34 points to 866.94.

The FedEx news was the latest blow to a market already wracked by fears over the long-term effects from high energy costs.

Shares of Cathay General Bancorp, which operates banks mostly in California, shed $1.68, or 12.6 percent, to $11.70. The stock hit a 52-week low of $11.22 earlier in the session.

Shares of CarMax Inc., a used car retailer, fell $2.11, or 11.5 percent, to $16.23, after slumping to a 52-week low of $15.80 earlier in the session. The company said Wednesday its first-quarter profit slipped 55 percent and suspended its sales and earnings guidance for all of fiscal 2009.

Shares of Associated Banc-Corp lost $1.56, or 6.6 percent, to $22.07.

On the gaining side, shares of Louisiana-Pacific Corp. rose 87 cents, or 8.7 percent, to $10.82. The company makes and sells products for new home construction.

Shares of YRC Worldwide Inc. added 84 cents, or 5 percent, to $17.61. The trucking company reaffirmed its second-quarter profit outlook Tuesday.

Shares of Navigant Consulting Inc. increased 85 cents, or 4.7 percent, to $18.90.