On the upside
Ladenburg Thalmann affirmed its Buy rating on Keryx Biopharma (Nasdaq: KERX) and lifted its price target to $5 from $3.
FedEx (NYSE: FDX) announced a plan to cut expenses by $1.7 billion over three years.
On the downside
Accuride (NYSE: ACW) warned that full year revenue would fall short of expectations.
Ferro (NYSE: FOE) slashed its full year earnings guidance and announced that it was exploring strategic options for its solar pastes business.
The Los Angeles Times reported that consumer groups plan to oppose Tesoro's (NYSE: TSO) $2.5 billion acquisition of Arco.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 826.