Stocks in the news: FedEx, Adobe Systems, Morgan Stanley

The following post rounds up the companies making headlines today:

FedEx (FDX) reported a $876 million quarterly loss, or $2.82 a share. Adjusted earnings beat analyst estimates of 51 cents, coming in at 64 cents per share, but FedEx missed on the revenue line. Revenue declined 20 percent to $7.85 billion from $9.87 billion. FedEx warned fiscal first-quarter earnings may be as much as 76% below last year's levels, with the company saying it's in a "difficult environment," but that "there are signs that the worst of the recession is behind us." Shares fell over 3 percent in pre-market trade.

Adobe Systems (ADBE) said its fiscal second-quarter net income fell to $126 million, or 24 cents a share as did revenue for the quarter falling to $704.7 million from $886.9 million. Excluding special items, Adobe said earnings for the quarter were 35 cents a share, inline with estimates. But the software company guided third-quarter estimates to the low side of analyst estimates. Shares declined about 1.3 percent ahead of the bell.