Stocks Open Mixed on Earnings News

Investors focused on corporate profits and the outlook for the rest of the year.  The Dow slipped 5 points to 7482 while Nasdaq rose 2 points to 1494.

On the upside

FedEx (NYSE: FDX) posted lower 3rd quarter revenues and profits to miss analysts'  estimates due to lower package volume.  Nonetheless, the stock rose on aggressive cost-cutting plans.

Alcoa (NYSE:AA), the nation's largest aluminum producer, raised $1.3 billion through a stock and convertible note offering.

Shares of Oracle (Nasdaq: ORCL) surged after the software bellwether posted quarterly profits that beat targets despite a strong dollar lowering its overseas results.  The company also announced its first dividend.

On the downside

Shares of fluid control products maker Graco (NYSE: GGG) skidded due to slackening demand.  The company also announced plans to cut 180 jobs or 8% of its workforce.

Winnebago Industries (NYSE: WGO) posted another sizable loss as sales of recreational vehicles continued to fall along with the rest of the auto industry.

An analyst downgraded Big 5 Sporting Goods (Nasdaq: BGFV) due to slower sales and inventory turnover.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE, but were edged out by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost a point to 416.