Mortgage rates inch higher

FedEx Corp. s first-quarter earnings rose 4 percent, beating Wall Street expectations on strong international growth. The company lowered its outlook for the full year, blaming economic uncertainty from the downturn in the housing market. The company earned $494 million, or $1.58 per share, compared with $475 million, or $1.53 per share, in the year-ago quarter. Revenue rose 8 percent to $9.2 billion. Analysts were expecting a profit of $1.54 per share on revenue of $9.07 billion.

Read fulltext