FedEx Plummets Most Since 1980 After Pulling Earnings Forecast

Bloomberg2022-09-16

Demand for freight has ‘significantly deteriorated’: analystCourier’s shares tumble 22% as market opens on FridayFedEx Corp.saw its biggest stock drop since at least 1980 after withdrawing its ...

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Comments

RT126
2022-09-17
RT126
No more already. Went down the drain. Same goeswith the economy. GG
Seah CL
2022-09-17
Seah CL
K
Thomas388
2022-09-17
Thomas388
Ya
james_l
2022-09-17
james_l
Really bad day..maybe june lows are coming
Anzygart
2022-09-16
Anzygart
[Sad]
paul55555
2022-09-16
paul55555
Ouch
- Xtraordinary:
  Hehehehe

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The conditions could deteriorate further in the current period, FedEx said.The company will take immediate steps to cut costs, including parking some aircraft, cutting workers’ hours and closing more than 90 of its roughly2,200 FedEx Office locations.Put simply, it was an “ugly quarter,” according to Robert W. Baird & Co. analyst Garrett Holland. “Global freight demand has significantly deteriorated.”FedEx shares tumbled 23.38% at 9:50 a.m. in New York on Friday.While US economic data has beenmixed, with employment and manufacturing holding up, companies across industries are starting to paint a grimmer picture of the economy. Conditions in Asia and Europe also appear to be weighing on the US, where consumers are shifting spending into travel and concerts and away from online shopping.General Electric Co.’s chief financial officerwarnedThursday that the company is seeing pressure on cash flow amid supply-chain snags, while industrial titans U.S. Steel Corp., Alcoa Corp. and Nucor Corp. have saiddeliveries are waning. The chief executive officer of McDonald’s Corp.said Wednesdayhe expects a minor US recession in 2023 and a more significant one in Europe.Recalibrated SpendingEarlier this summer, retailers such as Walmart Inc. and Target Corp. scaled back expectations as consumersrecalibratetheir spending. In August,shipping containersarriving in Los Angeles -- the US’s busiest port -- fell by the most since the early days of the pandemic, which is another sign that demand is moderating.FedEx’s bleak comments are a setback for its new CEO, Raj Subramaniam, who had woninvestor supportshortly after taking the reins in June by raising the dividend, agreeing to revamp the board and laying out a multiyear plan to boost profit. Subramaniam now must steer the courier through a post-pandemic economy in which consumers are spending more on services than discretionary purchases.Earnings, excluding some items, for the fiscal first quarter were projected to be $3.44 a share, Fedex said in astatementlate Thursday detailing preliminary results. That’s well short of the $5.10 average estimate of analysts. 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UBS AG analyst Thomas Wadewitz said the Express business is the primary driver of weak performance, though Ground operations also missed estimates.“Express operating income was 75.8% lower than our forecast and Ground operating income 7.5% lower than our forecast,” Wadewitz said in a note to clients. “While we understand that Express is an asset-intensive business with a high fixed cost structure, we have a difficult time understanding what items could drive operating income lower to the extent seen.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9937683532,"gmtCreate":1663419755526,"gmtModify":1676537268174,"author":{"id":"4095412450481050","authorId":"4095412450481050","name":"RT126","avatar":"https://static.tigerbbs.com/71bd4d86dba111820dfaead92c1969c1","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"4095412450481050","authorIdStr":"4095412450481050"},"htmlText":"No more already. Went down the drain. Same goeswith the economy. GG","listText":"No more already. Went down the drain. Same goeswith the economy. GG","text":"No more already. Went down the drain. Same goeswith the economy. GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937683532","repostId":1111783313,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9937977596,"gmtCreate":1663365945915,"gmtModify":1676537257953,"author":{"id":"4102135564535180","authorId":"4102135564535180","name":"Seah 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bad day..maybe june lows are coming","listText":"Really bad day..maybe june lows are coming","text":"Really bad day..maybe june lows are coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937973153","repostId":1111783313,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9937934339,"gmtCreate":1663339063021,"gmtModify":1676537255509,"author":{"id":"4087708380401170","authorId":"4087708380401170","name":"Anzygart","avatar":"https://static.tigerbbs.com/5255e6a87df642eff53b65456895ac13","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087708380401170","authorIdStr":"4087708380401170"},"htmlText":"[Sad]&nbsp;","listText":"[Sad]&nbsp;","text":"[Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937934339","repostId":1111783313,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9937935624,"gmtCreate":1663338974169,"gmtModify":1676537255485,"author":{"id":"3582246479396497","authorId":"3582246479396497","name":"paul55555","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3582246479396497","authorIdStr":"3582246479396497"},"htmlText":"Ouch","listText":"Ouch","text":"Ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9937935624","repostId":1111783313,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":103960395,"gmtCreate":1663360889183,"gmtModify":1663360892459,"authorId":3579992023257087,"author":{"id":3579992023257087,"idStr":"3579992023257087","authorId":3579992023257087,"name":"Xtraordinary","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior 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