There was one economic release this morning which was positive for stocks. However, economic bellwether FedEx (NYSE:FDX) reported an earnings outlook that worried the market. The overnight-shipper slashed its earnings forecast for 2013, as the weakening economy is leading customers to use cheaper shipping options.
The National Association of Home Builders housing-market index rose three points from August to 40 -- its highest level since June 2006! The reading was above analysts' expectations of a reading of 38. Still, both of these are below 50, which indicates positive conditions.
The markets as a whole are relatively unchanged, though a few stocks are pushing the Dow higher.
Today's Dow leaders
Today's Dow leader is Kraft (UNKNOWN:KRFT.DL), up 1.36% ($0.54) to $40.23 The company is splitting up its business next month. The stock has been down recently, as the post-split earnings guidance for the companies were below analyst expectations. There was some big news recently: Because of the split, Kraft will no longer be a Dow stock and is being replaced by UnitedHealth Group. Fool analysts Catherine Baab-Muguira and Isaac Pino recently discussed the company and why investors are enamored of it.
Second for the day is Coca-Cola (NYSE:KO) up 0.92% ($0.35) to $38.70. Coke announced today it is launching Dasani Drops, a water flavor enhancer to compete with Kraft's MiO. After a bad August for the stock, Coke is having a much better September, up 3.47% month to date. Last week the company announced it would restructure its operations in Southwest Asia and give more attention to India in particular. Coca-Cola is such a strong business that Warren Buffett famously said that a ham sandwich could run it. Click here to read more.
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