News Summary

Shares of FedEx Corp (NYSE: FDX) rose about 3% after the company reported a 33% rise in its fiscal fourth-quarter profit. FedEx reported its quarterly profit at $558 million, or $1.75 per share, up from $419 million, or $1.33 per share, in the year-earlier period. Its total revenue climbed 12% to $10.55 billion. Analysts were expecting earnings of $1.73 per share on revenue of $10.41 billion. FedEx projects FY12 earnings in the range of $6.35 to $6.85 per share, versus analysts' estimates of $6.42 per share.

Shares of Dentsply International Inc (NASDAQ: XRAY) gained about 4.7% after AstraZeneca PLC (NYSE: AZN) announced its plans to sell its Astra Tech dental and healthcare division to Dentsply International for about $1.8 billion in cash. The sale is likely to close in the second half of 2011.

Shares of Philips Electronics (NYSE: PHG) dropped about 13% after the company warned of sharply lower profits. For the lighting unit, Philips projects Q2 earnings before interest, taxes and amortization of about 85 million euros ($122 million), down from €193 million in the first quarter and €210 million in the second quarter of 2010. For the consumer lifestyle business, Philips projects second-quarter EBITA of about €50 million, down from €168 million, in the year-earlier period.