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FedEx Delivers a Glimmer of Hope

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Positive outlook from shipping giant grabs attention of bulls.

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Minyan Morning Memo

One to Watch: A European magazine answering to the unpronounceable name of WirtschaftsWoche is not normally at the top of Wall Street's reading list. But when the head of FedEx's (FDX) international business pontificates in its pages today he sees glimmers of an upturn, it bears watching for any would-be bulls. The world's largest express delivery outfit is a key canary in any economic coal mine as its earnings are impacted by everything from fuel to protectionism. Investors who hope talk of green shoots amounts to more than clutching at straws should look to the stock for signs of an incipient recovery.

What Just Happened: The NYSE got its fifteen minutes of fame on Thursday when computer crashes caused trading to be extended until a quarter after four Eastern. When it was all over, the Dow posted its worst drop ahead of an Independence Day break in approximately half a century. Misery loved company, with European exchanges similarly declining for a third successive week. Sarah Palin continued the tradition of burying big deals in slow news cycles by calling it quits Friday. Saturday saw signs the financial crisis extended even to The Vatican. And while a canon of the economy is not to talk it down, Vice President Biden being a loose cannon missed the memo, saying on Sunday that the White House "misread how bad" it was.

What's Happening: Markets are in a melancholy "I don't like Mondays" mood, with Asia ex-China ending off, Europe trading lower and U.S. markets expected to open down. The dollar is mixed and oil - the volatility of which is worthy of a lead article in today's NY Times - fell to a five week low.

What Will Happen: Obama goes to Russia with love to meet Medvedev. On the home front at 10:00 AM Eastern we get the June ISM non manufacturing index. And expect earnings from Forest Labs (FRX) and Cintas (CTAS) today in a week that will see the start of Q2's critical reporting season

Happenstance: I'm traveling (or travelling, to use the Queen's English) across the pond, where Wimbledonians are full of woe over hometown hero Andy Murray's semi final exit in the tennis on Friday. Perhaps being sponsored by The Royal Bank of Scotland (RBS), owners of the largest loss in British corporate history, wasn't his wisest move.
No positions in stocks mentioned.
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