Warnings, Warnings Everywhere But More Are Sure To Come (FDX, TXN, NUE, DHR, BRCM)

The markets are holding up solidly in the face of massive guidance cuts at companies representing a wide cross-section of the U.S. economy.

The most egregious warning was from overnight delivery company FedEx (NYSE: FDX). For 2009, FedEx reduced its earnings guidance to $3.50 to $4.75 per diluted share from the previous guidance of $4.75 to $5.25. The company cited significantly weaker macroeconomic conditions. Everyone knows the economy is slowing, but the warning is so scary because the company is benefiting from lower fuel prices and the departure of DHL from the U.S. domestic package market. When FedEx was warning the past few quarters it was because crude was sky-rocketing, from $50 to $150. Now that crude has fallen back down from $150 to $50, you would expect to see a massive benefit to the bottom line. Well this was not the case for FedEx, as business has clearly hit a brick wall. Shares of FedEx are down 14% today on the news.

Texas Instruments (NYSE: TXN) warned that Q4 profits will be 60% below their prior view. The company's EPS guidance moved from 0.30-$0.36 to $0.10-$0.16, versus the Street estimate of $0.31. The company also lowered its Q4 sales outlook from $2.83-$3.07 billion to $2.3-$2.5 billion, versus the consensus of $2.91 billion. Texas Instruments' warning was widely expected in the market and the stock is actually up 5% after the announcement.

Steel company Nucor Corporation (NYSE: NUE) also issued nasty guidance, but its warning was also anticipated by the market and the stock is up 3% today. Nucor said its Q4 profit will be "only marginally above the breakeven level", which is well below Wall Street consensus of a $1.46 profit per share.

Danaher Corporation (NYSE: DHR), the maker of Craftsman tools and industrial test equipment, expects fourth quarter 2008 adjusted earnings per share to be in the range of $1.03 to $1.10 compared to the guidance range of adjusted earnings per share provided on October 16, 2008 of $1.17 to $1.25.

Broadcom Corporation (Nasdaq: BRCM) sees Q4 net rvenues of $1,050 to $1,100 million, versus prior guidance of $1,170 to $1,235 million and the consensus of $1,190 million.

Some other notable warnings included: Novellus Systems, Inc. (Nasdaq: NVLS), United Microelectronics Corporation (NYSE: UMC) , Agilent Technologies (NYSE: A), ArvinMeritor, Inc. (NYSE: ARM), IDT (NASDAQ: IDTI), Altera Corporation (NASDAQ: ALTR), Con-way Inc. (NYSE: CNW), Molex Incorporated (NASDAQ: MOLX).

You can track all the latest corporate guidance updates at http://www.streetinsider.com/Guidance

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