Market Wrap: FOMC Fine with QE3...for Now; Men's Wearhouse Fires Founder; 3-D Printing Merger

Market wrap for June 19th

End of the Day: S&P 500 down 22.9 to 1,628.93; Dow Jones down 206.0 to 15,112.19; Nasdaq down 39.0 to 3,443.20

* Bernanke & Co. felt comfortable keeping open market activity and key rates at current levels, according to the latest FOMC minutes for June. Amid the move, several on the committee said "the downside risks to the outlook for the economy and the labor market as having diminished since the fall." Comments during a post-report press conference from Bernanke include: "FOMC may adjust unemployment threshold down," "Fed may end purchases around mid-year 2014," and "FOMC may "moderate" rate of purchases later in 2013." For Bernanke's opening statement from his press conference today, click here.

* FedEx Corp. (NYSE: FDX) reported Q4 EPS of $2.13, $0.17 better than the analyst estimate of $1.96. Revenue for the quarter came in at $11.4 billion versus the consensus estimate of $11.44 billion. The company also revised fiscal 2014 expectations. For more color, click here.

* Men's Wearhouse (NYSE: MW) announced that it terminated founder George Zimmer from his position as Executive Chairman. The Board said it expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company.

* Tesla Motors (Nasdaq: TSLA) posted a notice of partial recall on its Model S sedan to its website today. The recall covered some vehicles manufactured between May 10, 2013 and June 8, 2013. Despite the warning, Tesla ended the session on a positive note.

* The American Medical Association officially recognized obesity as a disease. This means drugs from names like Arena Pharmaceuticals (Nasdaq: ARNA), VIVUS (Nasdaq: VVUS) and Orexigen (Nasdaq: OREX) would receive broader coverage from health insurers. For more on the update, click here.

* Stratasys Ltd. (Nasdaq: SSYS) signed a definitive merger agreement whereby privately held MakerBot has agreed to merge with a subsidiary of Stratasys in a stock-for-stock transaction. The proposed merger has an initial value of $403 million based on Stratasysâ closing stock price of $84.60 as of June 19, 2013. MakerBot stakeholders also qualify for performance-based earn-outs that provide for the issue of up to an additional 2.38 million shares through the end of 2014.

* A deal for Microsoft to acquire the devices business of Nokia (NYSE: NOK) recently slipped through the cracks. The WSJ cited one source in saying that talks were ongoing as recently as this month, but have since come to a halt. Microsoft was said to have walked away due to the price and Nokia's place in the mobile market. For more on the deal, click here.

* Jabil Circuit, Inc. (NYSE: JBL) reported Q3 EPS of $0.56 and revs of $4.5 billion, with the consensus looking for EPS of $0.54 and revs of $4.4 billion. Looking ahead, the company sees Q4 EPS of $0.50 to $0.58 and revs of $4.55 billion to $4.65 billion, while the Street is modeling EPS of $0.60 and revs of $4.59 billion. Jabil announced plans "to realign its global operations to more appropriately reflect current market conditions and customer needs." For more color, click here.

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