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FedEx Corp earnings came up short of analysts’ expectations Tuesday, and shares declined 3% in late trading. The shipping giant reported net income of $700 million, or $2.59 a share, on sales of $14.9 billion for its fiscal second quarter Tuesday afternoon. After adjustments for costs related to acquisitions, integration and restructuring, FedEx claimed profit of $2.80 a share. Analysts polled by FactSet expected FedEx to report adjusted earnings of $2.91 a share on sales of $14.9 billion. FedEx shares fell below $194 after closing with a 0.6% gain at $198.74.

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Nike Inc. shares surged in the extended session Tuesday after the athletic apparel giant topped Wall Street estimates for the quarter. Nike shares rose 3.5% to $53.61 after hours. The company reported fiscal second-quarter earnings of 50 cents a share on revenue of $8.18 billion. Analysts surveyed by FactSet had forecast earnings of 43 cents a share on revenue of $8.09 billion.

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From:: Stock Market News

U.S. stocks finished higher on Tuesday, led by a rally in bank stocks, though the Dow Jones Industrial Average finished just below the psychologically important 20,000 level. Both the Dow and Nasdaq Composite Index closed at fresh all-time highs, with the S&P 500 index falling just short of its own record. The S&P 500 gained 8.23 points, or 0.4%, to 2,270.76, led by financials and consumer-discretionary stocks. The Dow climbed 90.95 points, or 0.5%, to 19,974.14, as Nike Inc. and Goldman Sachs Group led the blue-chip benchmark. The Nasdaq gained 26.50 points, or 0.5%, to 5,483.94.

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WASHINGTON (MarketWatch) — The Federal Reserve on Tuesday extended the comment period on its plan to make it more difficult for banks to be involved in physical commodities. Under the proposal, firms would have to hold more capital, not be able to engage in activities involving power plants and not be allowed to own or store copper. Comments are now due on Feb. 20 rather than later this week. The Fed said more time was needed so that interested parties could analyze the issues.

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Crude-oil prices finished higher Tuesday, and futures scored a third positive session of gains in a row, ahead of weekly supply updates on crude inventories in the U.S. West Texas Intermediate crude oil for February delivery , the most active contract, finished at 24 cents, or 0.5%, higher at $53.30 a barrel, while the January contract , which expired Tuesday, settled up 11 cents, or 0.2%, at $52.23 a barrel. A weekly U.S. supply update is due from the trade industry group American Petroleum Institute at 4:30 p.m. Eastern on Tuesday and on Wednesday weekly inventory data by the U.S. Energy Information Administration will be released at 10.30 a.m. Eastern. Both reports are likely to be influential to crude-oil futures, which have traded in a relatively narrow, albeit positive, range since the Organization of the Petroleum Exporting Countries and other major oil producers forged a pact to cut production. Fears that producers will not adhere to those production limits has caused oil futures to experience volatile trade.

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Shares of Fifth Third Bancorp rallied 2% in afternoon trade Tuesday, after the bank said it was increasing its dividend by 8%. The new quarterly dividend of 14 cents a share, up from 13 cents a share, will be payable Jan. 17 to shareholders of record on Dec. 30. Based on the stock’s current price of $27.77, the new annual dividend rate of 56 cents a share represents a dividend yield of 2.02%, compared with the yield of 1.97% for the SPDR Financial Select Sector ETF and the aggregate dividend yield for the S&P 500 of 2.08%, according to FactSet. The stock has run up 38% year to date, while the financial ETF has climbed 22% and the S&P 500 has gained 11%.

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Gold prices dropped to settle lower Tuesday, following a brief reprieve Monday, as the dollar strengthened and stocks edged higher. Gold for February delivery settled down $9.10, or 0.8%, at $1,133.60 an ounce as the U.S. Dollar index ticked up 0.1% to its highest levels since December 2002. On the other hand, silver for March delivery settled up 2.8 cents, or 0.2%, at just under $16.12 an ounce.

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From:: Stock Market News