Afternoon Buzzers: FedEx Drops on Outlook, Alcoa Downgraded, Apple Falls Below $700

Shares of FedEx (NYSE:FDX) fell more than 2 percent this afternoon. The company announced that net income for the quarter fell to $459 million ($1.45 per share), compared to $464 million ($1.46 per share) a year earlier. FedEx also downgraded its outlook for the full year. It now expects to earn between $6.20 and $6.60 per share, compared to a prior forecast of $6.90 to $7.40. United Parcel Service (NYSE:UPS) also declined on the news.

Apple (NASDAQ:AAPL) shares are down slightly this afternoon after hovering just above the $700 mark earlier today for the first time in company history. Shares received their latest boost after announcing it sold more than 2 million iPhone 5 units over the first 24 hours of pre-orders, more than double the rate of the iPhone 4S.

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Targacept (NASDAQ:TRGT) shares are up over 9 percent this afternoon. The bounce comes the day after the company said an experimental attention deficit hyperactivity drug failed in mid-stage clinical trial. Targacept also said it would eliminate a number of jobs.

Shares of Alcoa (NYSE:AA) are down over 1 percent today. The aluminum giant was downgraded by Jefferies to Hold from Buy with a price target of $11. Jefferies explained that it was inclined to downgrade shares on a bounce, as it strongly prefers Freeport-McMoRan (NYSE:FCX) for base metal exposure.

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