Stocks fluctuated in a tight range Wednesday after FedEx issued a weaker-than-expected profit forecast and downbeat comments about what it sees ahead for the economy. Analysts look to the shipping company's business levels as a gauge of the economy's strength.
FedEx said its fiscal fourth-quarter loss widened because of hefty one-time charges and lower revenue, though its adjusted results came in above expectations. The company warned it expects "extremely difficult" conditions in the next two quarters.
In a bright spot, consumer prices rose less than expected in May. Investors have been worrying that increasing prices would threaten a recovery in the economy by curbing demand.
The Labor Department said that the consumer price index rose a seasonally adjusted 0.1 percent last month, below analysts' expectations of a 0.3 percent rise. Excluding volatile food and energy costs, core prices rose 0.1 percent, as expected.
The reports come as investors try to lay out the implications of President Barack Obama's proposal to reshape regulations covering major financial institutions. He is expected to outline the plan Wednesday.
Stocks have fallen this week after making only modest gains last week. The selling has inserted a break into a three-month rally that carried the Standard & Poor's 500 index up 40 percent from 12-year lows. Traders are asking whether expectations for an economic recovery had been too rosy. The S&P 500 index is down 3.6 percent in the past two days.
In the first hour of trading, the Dow Jones industrial average fell 4.39, or 0.1 percent, to 8,500.28. The broader Standard & Poor's 500 index fell 1.68, or 0.2 percent, to 910.29, and the Nasdaq composite index rose 0.30, or less than 0.1 percent, to 1,796.48.
Yesterday’s Top Performing Small Cap stock:
HearAtLast Holdings, Inc. (Pink Sheets: HRAL) was a SmallCapVoice.com top performer moving up over 26% on trading volume of 136,400 shares.
HearAtLast Holdings, Inc. recently announced that it has completed its final round of financing from a private Investor for USD$1.9M by issuing the Company's Series 'B' Preferred Shares at a stated value of $10.00 per share.
The infusion of cash in return for the Company's Series 'B' Preferred Shares enabled HearAtLast to obtain funding without further dilution or issuance of the Company's common stock.
Today’s SmallCapVoice.com Hot Stock to Watch:
Uranium Hunter Corporation (OTC BB: URHN)
Bullish Gold Sector – In times of economic turmoil, investors increase their position in precious commodities like gold. Gold is expected to stay above $1,000 per ounce through year’s end.
Investors are seeking safety in shares of Uranium Hunter Corporation and are aggressively accumulating shares. In early trading, shares of URHN are up over 29% on volume of more than 30X normal.
Uranium Hunter Corporation is an exploration company primarily targeting the uranium and precious metal industries in the resource sector. Initially, the Company was founded with the focus of developing a portfolio of quality uranium exploration properties in East Africa. With the recent shift in economic conditions, management has decided to diversify the Company's interests to include the precious metals industry.
Uranium Hunter Corporation has entered into an agreement on May 5, 2009 to acquire a 49% interest in the Eagle Nest Mining Property (”Eagle Nest”) from Sparrowtech Resources, Inc.
A New Audio Interview Featuring Uranium Hunter Corporation President, Reno Calabrigo, is now at SmallCapVoice.com. The interview can be heard at http://smallcapvoice.com/blog/6-16-09-audio-interview-with-uranium-hunter-corporation-otcbb-urhn/.
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