Premarket Movers: Financial stocks lower

Morgan Stanley, the nation's second-largest investment bank, fell $1.70, or 4.2 percent, to $38.89, despite beating Wall Street estimates by 3 cents per share in the second quarter.

Cincinnati's Fifth Third lost 15.1 percent to $10.81 from Tuesday's closing price of $12.73.

FedEx shares lost 4.5 percent to $80.47 in the early going after it swung to a fourth-quarter loss due to high fuel costs. The package delivery company also issued guidance below Wall Street expectations.

Panera Bread Co. lifted its second-quarter earnings guidance ahead of Wall Street estimates, but also warned that gas prices will hurt results in the second half of the year. Investors sent the restaurant chain's shares up 7.2 percent to $48.94 before the bell.

And the resolution of a patent dispute between Pfizer Inc. and India's Ranbaxy Laboratories Ltd. over blockbuster cholesterol drug Lipitor sent Pfizer shares up 55 cents, or 3.1 percent, $18.27.

Pfizer's Lipitor is the world's best-selling drug, generating nearly $13 billion in 2007 sales.