Mid-Morning Market Update: Markets Open Higher, FedEx Profit Misses Estimates

Following the market opening Wednesday, the Dow traded up 0.46 percent to 14,522.54 while the NASDAQ gained 0.51 percent to 3,245.53. The S&P also rose, climbing 0.52 percent to 1,556.42. Index Technicals:
The S&P 500 looks set to find support at the 1,540 level, with 1,560 as resistance above. The Dow seems to be finding support at 14,382, with lower support around 14,410 and resistance at 14,522. Meanwhile, the NASDAQ looks to be finding support at 3,210 and set to gap up into 3,253 resistance today, with 3,260 acting as further resistance above. Finally, the Russell is set to find support at 935 after losing its 945 level yesterday, 950 remains overhead resistance, and 954 as higher resistance in the case of a breakout. Top Headline
FedEx FDX reported a weaker-than-expected third-quarter profit. FedEx's quarterly net income dropped 31% to $361 million, or $1.13 per share. Excluding items, it earned $1.23 per share. Its revenue climbed 4% to $11.0 billion. However, analysts were expecting earnings of $1.38 per share on revenue of $10.85 billion. FedEx expects Q4 adjusted earnings of $1.90 to $2.10 per share, versus analysts' estimates of $2.07 per share. Equities Trading UP
Cobalt International Energy CIE shot up 8.49 percent to $27.98 after the company reported extraordinary results from its Shenandoah #2R appraisal well. Shares of Research In Motion BBRY got a boost, shooting up 4.72 percent to $15.74 after Morgan Stanley upgraded the stock from “underweight” to “overweight.” Adobe Systems ADBE was also up, gaining 4.19 percent to $42.46 after the company posted upbeat first-quarter results. Equities Trading DOWN
Zynga ZNGA shares tumbled 4.90 percent to $3.30 after Bank of America downgraded the stock from “buy” to “neutral.” Cintas CTAS was also down, falling 5.19 percent to $43.55 after the company reported weak FQ3 earnings. Shares of FedEx FDX were down 4.25 percent to $101.94 after the company reported a weaker-than-expected third-quarter profit. Commodities
In commodity news, oil traded up 1.01 percent to $93.09, while gold traded down 0.17 percent to $1,608.50. Silver traded down 0.01 percent Wednesday to $28.84, while copper rose 1.04 percent to $3.44. Euro zone
European shares were higher for the first day this week on relaxed fears over Cyprus as it appears that Russia will in the end extend the nation a larger loan to prevent the bank levy tax from being implemented. U.K. employment fell less than expected in February, with the total claimant count falling 1.5 thousand jobs on expectations of a five thousand jobs drop. Average weekly earnings rose 1.2 percent and the unemployment rate was in line at 7.8 percent. German producer prices fell 0.1 percent in February on expectations of a 0.2 percent rise, putting pressure on the ECB to act to counter deflationary pressures. The Spanish Ibex Index jumped 1.64 percent and the Italian FTSE MIB Index surged 1.77 percent. The STOXX Europe 600 Index gained 0.48 percent, London's FTSE 100 Index rose 0.26 percent, French CAC 40 Index climbed 1.13 percent and German DAX 30 index gained 0.71 percent. Economics
Applications for US home mortgages dropped 7.1% in the latest week ended March 15, according to the Mortgage Bankers Association. However, the index of refinancing applications fell 8%. The FOMC will announce its policy decision at 2:00 p.m. ET, while Fed Chairman Ben Bernanke is scheduled to speak in a press conference at 2:30 p.m. ET.