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To win business from competitors in the international-package-delivery sector, FedEx Corp. has taken delivery of six Boeing 777 jets and will buy six more over the next 12 months. FedEx plans to spend $3.2 billion on planes and facility improvements in the current fiscal year.

FedEx Corp.'s second-quarter profit fell 30% to $345 million from $493 million a year earlier. Revenue dropped 9.9% to $8.6 billion. For the third quarter, the shipping company expects per-share earnings of between 50 cents and 70 cents. Full-year per-share earnings will be in the range of $3.45 to $3.75. FedEx also said it would lift its freeze on salary increases.

As part of a cost-reduction program, Fidelity Investments plans to reduce its workforce in November by 3% -about 1,300 jobs- and conduct a second round of layoffs early next year. It is estimated that Fidelity, which has $1.24 trillion in mutual fund assets, had net redemptions of $5.8 billion in October fueled by investor concerns over the state the mutual fund industry.

Byline: JENNIFER LEVITZ AND LIZ RAPPAPORT; WALL STREET JOURNAL STAFF With allegations of wrongdoing over its sales of auction-rate securities mounting, UBS AG has agreed to buy back nearly $19-billion [...]

French company Schneider Electric S.A. is acquiring American Power Conversion Corp. for $6.1 billion. Both companies manufacture equipment that helps corporations withstand power outages. There is a growing demand from corporations for power outage protection, to protect computerized data.