Stocks in the news: FedEx, Kroger, 3M, McDonald's

FedEx (FDX) lifted its earnings guidance due to improved activity. It boosted its profit target to $1.10 a share from its previous estimate of 65 cents to 95 cents a share. The new guidance is well ahead of the Wall Street estimate of 85 cents a share in a survey of analyst by FactSet Research. Shares jumped nearly 2.5% in pre-market trading.

The Kroger Co. (KR) says it lost $875 million in its third quarter due to tough price competition and the struggling California economy. Kroger also cut its profit and sales forecast for the full year. Without a write-down, profit would have been $176.7 million, or 27 cents, far below analyst estimates of earnings of 36 cents a share. Shares sank 9% ahead of the bell.