Markets Mixed as Federal Reserve Meeting looms

All of the major market indices are showing little to no movement this morning as stocks have been trading very sluggishly. Currently the Dow is up 6 points while the Nasdaq and S&P 500 trade up 3 and 2 points respectively. The markets slow movement today comes ahead of a meeting of the Federal Reserve(Fed) and a press conference with Fed Chairman Ben Bernanke. Mr. Bernanke is expected to discuss whether or not he believes that the economy is still on the road to recovery. While investors await the Fed’s announcement several stocks are making headway despite the slowdown in trading.

FedEx Corporation (NYSE:FDX) shares are up this morning climbing 2.5% to $91.49 per share. Volume is trading slightly above average on news that FedEx’s Fiscal fourth quarter saw a 33% increase in earnings. FDX benefited from stronger demand an higher fuel surcharge placed on customers. In the fourth quarter FedEx earned $558 million or $1.75 per share compared to $419 million or $1.33 the same period in the previous year. For the Full year FedEx earned $1.45 billion or $4.57 per share up from the previous years earnings of $1.18 billion or $3.76 per share.

Achillion Pharmaceuticals, Inc (Nasdaq:ACHN) Share have risen a little over 11% this morning to $6.67 per share. Volume is trading three times more than normal on news that ACHN has increased its stock offering to 9.6 million shares and underwriters will have an option to buy another 1.4 million shares if there is any over allotments. Originally Achillion was only offering 9 million shares with a 1.3 million share cushion. The proceeds from the increase in shares is expected to net the company close to $53 million.

AeroViroment, Inc (Nasdaq:AVAV) shares are up nearly 20% to $34.30 per share with an intraday high of $34.68. Volume has traded ten times the average daily traded volume heading into midday trading. The shares increases for AVAV is due to a better than forecast fourth quarter and an increase in fiscal projections for 2012. Fourth quarter profit rose 12% as AeroViroment earned $17.6 million or $.79 per share.

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