Stocks Give Back Gains after 2-day Rally

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

The Wall St. street sign is photographed in front of the American flag hanging on the New York Stock Exchange prior to a NYC Central Labor Council rally for worker protections, Thursday, Sept. 25, 2008 in New York. (AP Photo/Mary Altaffer)

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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 35796689 - wibw.com/a?a=35796689
Gray Television, Inc.