NEW YORK – Wall Street is giving back some of its gains from a two-day rally after negative outlooks from Texas Instruments Inc. and FedEx Corp. The companies' announcements reminded investors that the impact of the recession will be felt for some time.
FedEx cut its forecast for fiscal 2009 earnings and capital spending late as the slumping economy cut into package deliveries. And chip maker Texas Instruments warned of a significant, broad-based deterioration in business and forecast fourth-quarter earnings and revenue below earlier expectations.
Meanwhile, Japanese electronics maker Sony Corp. said it is slashing 8,000 jobs, or 4 percent of its global work force.
The Dow Jones industrials are down 120 points at 8,813. All the major indexes are down more than 1 percent.