The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1902 GMT - Diana Shipping has said its revised offer to buy Genco Shipping & Trading for $23.50 a share is equal to Genco's net asset value, based on an estimate by Clarksons Securities. But Genco says Diana's offer is still a lowball based on one cherry-picked analyst estimate. "Diana's letter selectively referenced the lowest published NAV estimate from one analyst rather than Genco's mean analyst NAV estimate of $25," Genco says in a letter rejecting the revised offer, citing estimates from Clarksons, SEB, Fearnley Securities, Pareto, and Deutsche Bank. "This mean analyst NAV estimate is well above Diana's offer of $23.50 during a period of rising asset values." Genco also says the offer lacks a control premium in addition to undervaluing the business. (elias.schisgall@wsj.com)
1857 GMT - Genco Shipping & Trading says Diana Shipping's updated acquisition offer fails to provide a premium for control in addition to undervaluing the company. Genco rejected the revised offer on Thursday, prompting Diana to say that it will move forward with an effort to replace Genco's board. Genco says it is open to offers that fairly value the company and its upside potential and that maximize value for shareholders. "Diana's indicative proposal does not meet this standard and is not in the best interests of Genco shareholders," Genco says. "The proposal is well below Genco's intrinsic value and NAV and fails to provide a premium for control of Genco." (elias.schisgall@wsj.com)
1644 GMT - Uber's investment of up to $1.25 billion in Rivian Automotive, plus its commitment to deploy 10,000 fully autonomous Rivian R2 SUVs by 2028, furthers the company's strategy of partnering with a range of players in the autonomous vehicles sector, Morgan Stanley analysts say in a note. The deal follows recent partnerships with Nvidia, Amazon's Zoox, Motional, and Nissan and Wayve. "Uber is procuring more partners as Waymo continues to launch more cities," the analysts write. "Looking ahead, it will be important that Uber is able to tangibly help these players grow faster and compete in the AV space against Waymo and Tesla."(elias.schisgall@wsj.com)
1412 GMT - FedEx's F3Q results were well above TD Cowen's forecasts, analysts from the firm say in a research note. The outperformance was driven by increasing volumes and yield growth, both of which bucked industry trends as the shipping company wins more high-quality business, the analysts say. "The volume and pricing strength that FDX posted in 3Q, despite multiple macro headwinds, speaks to the strength of the company's new initiatives," they write. Looking forward, FedEx raised its revenue guidance. The outlook includes "a modest degree of direct Middle East disruptions" the analysts say. However, they note the forecast doesn't appear to account for potential demand destruction, "which remains a downside risk for all transports." TD Cowen raises its price target to $426 from $383. Shares rise 1.8% to $362.44. (connor.hart@wsj.com)
1409 GMT - There is palpable change afoot at FedEx, Raymond James analysts Patrick Tyler Brown and David Hicks say in a research note. The shipping company is integrating its Express and Ground offerings, attacking costs across the business, rethinking its capital allocation strategy and developing a more shareholder-friendly capital return program. In summation, these actions point to a more returns-oriented playbook, the analysts say. "Lastly, we believe that the recently announced spin-out of FedEx Freight into a standalone company should serve as a value-unlocking event and will put more scrutiny on the operations of the Freight segment," they write. Raymond James maintains FedEx's outperform rating and raises its price target to $415 from $410. (connor.hart@wsj.com)
1351 GMT - Truist analysts Lucas Servera and Deniel Ighodaro are feeling incrementally more bullish about FedEx after its F3Q report, due to the shipping company's yield strength, volume growth and continued cost execution. "Importantly, demand trends appear stable into 4Q, while mix is shifting toward higher-margin B2B," they say in a research note. "With guidance raised and earnings quality improving (in our view), we have increased confidence in a multi-lever recovery story supporting further multiple expansion." Truist maintains FedEx's buy rating and raises its price target to $425 from $400. (connor.hart@wsj.com)
1345 GMT - FedEx reports F3Q results substantially ahead of expectations, Stifel analysts say in a research note. The beat was fueled by higher revenue per package both domestically and internationally, and by a higher volume of packages in the U.S. The shipping company is also benefiting from cost cutting related to the company's ongoing turnaround plan, the analysts say, as it prepares to spin off its Freight business in June. FedEx additionally raises its outlook. "While the increase mostly captures this quarter's beat, we think it was also a healthy indication of confidence in the earnings trajectory," the analysts write. "Middle East conflict seems less of a concern than we'd anticipated, but is something we'll monitor closely." Shares rise 2.4%. (connor.hart@wsj.com)
1226 GMT - Rivian's new partnership with Uber helps to address concerns investors had about Rivian's cash sustainability and the pace of demand for its new R2 vehicles, say Wedbush analysts. "The deal brings a binding commercial anchor to the R2 platform and injects capital visibility at a critical point in the production cycle while also validating its autonomous vehicle roadmap," the analysts say. They add that while Rivian is no longer expecting to be adjusted EBITDA positive in 2027 due to higher research and development spending, they say Rivian is "fully leaning into the autonomy at a crucial period with the commercial opportunity materializing." (nicholas.miller@wsj.com)
1109 GMT - DHL Group shares trade at an attractive entry point after recent weakness, Citi analysts Chloe Fu and Arthur Truslove write. The disruption in the Middle East is likely positive for DHL as supply tightens and the company has the ability to pass on costs, they say. "We are 4% ahead of consensus on 2026 EPS due to benefits in the Express division." If DHL's Time Definite International delivery volumes stabilize at current levels, the structurally improved cash flow can support over a 7% total shareholder yield, comprised of 4% dividend and 3% buyback yield. Citi lifts its target price to 52 euros from 47 euros and keeps at buy. Shares rise 1.8% to 44.74 euros. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
March 21, 2026 04:20 ET (08:20 GMT)
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