TradingMarkets' 7 Stocks You Need To Know About For Wednesday

Stocks fell sharply after the Fed raised interest rates a quarter point to 3.75%--the 11th rise in 15 months. The Fed said Katrina could fuel inflationary pressures, saying the economy could face a "near term setback." The Fed hinted that rates  would continue to rise, as the "measured pace" phrase remained intact. Oil fell $2, but that did little to stop the selling.

After the close, Christopher & Banks (CBK | Quote | Chart | News | PowerRating) missed by a penny. CKE Restaurants (CKR | Quote | Chart | News | PowerRating) beat by 0.09, ex-items. The stock traded up after hours.

Now, here are a few stocks to watch on Wednesday:

Autozone (AZO | Quote | Chart | News | PowerRating) reports before the bell. Look for $2.84.

Conagra (CAG | Quote | Chart | News | PowerRating) is due to report before the bell. Estimates are 0.23. Will that be a double bottom?

Fedex (FDX | Quote | Chart | News | PowerRating) also reports before the bell. The consensus is 1.17.

Look for Morgan Stanley (MWD | Quote | Chart | News | PowerRating) to report 1.05 on Wednesday.

The Merc (CME | Quote | Chart | News | PowerRating) just broke out of a cup-and-handle-like pattern.

Nike (NKE | Quote | Chart | News | PowerRating) has filled the lap (yes lap, not gap).

Bed Bath & Beyond (BBBY | Quote | Chart | News | PowerRating) reports after the bell Tuesday. Look for 0.46.

Brice Wightman