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FedEx and UPS shares take a dive after reports Amazon will deliver more of its own items
FedEx and UPS shares took a dive after reports that Amazon is testing its own delivery service
How Amazon Is Now Threatening FedEx and UPS
S&P 500 set to log longest streak of records in 20 years as stock market opens at all-time highs
U.S. stock benchmarks opened modestly higher on Thursday, but enough to book fresh records, as investors bought technology stocks, as investors pored over speeches from several Federal Reserve officials and a key employment report on Friday. The Dow Jones Industrial Average traded flat at 22,657, the S&P 500 index advanced 0.1% at 2,540. If the broad-market benchmark finishes with a record on Thursday it will market its longest string of all-time high closes, six consecutively, since 1997, according to WSJ Market Data Group.
Philadelphia Fed President Patrick Harker said he is expecting on additional rate hike in December, during a speech in Austin. Meanwhile, the Nasdaq Composite Index enjoyed the best opening bump, up 0.4% at 6,563. In corporate news, United Parcel Service Inc. fell 2.3%, while FedEx Corp. was down after Bloomberg reported that Amazon.com Inc. was testing a new delivery service. On Friday, the market will assess the Labor Department's nonfarm-payrolls report.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPS, FedEx stocks fall after report of Amazon testing new delivery service
Shares of United Parcel Service Inc. dropped 2.3% and of FedEx Corp. shed 2.0% in premarket trade Thursday, after Bloomberg reported that Amazon.com Inc. was testing a new delivery service. The report, which cited people familiar with the plan, said Amazon is looking to make more products available for free two-day delivery and to relieve overcrowding in its warehouses. The service, a project Amazon is calling Seller Flex, has begun on a trial basis in the West Coast and is expected to have a broader rollout in 2018, the report said. As part of the service, Amazon will oversee pickup of packages from warehouses of third-party merchants and delivery to customers, the report said, which is currently handled by UPS and FedEx. While those couriers will still be used, Amazon will decide how a package is sent rather than leave that to the merchant, the report said. Amazon's stock gained 0.5% in premarket trade. Year to date through Wednesday, shares of UPS has gained 3.8% and FedEx has run up 19%, while the Dow Jones Transportation Average has tacked on 9.7% and the Dow Jones Industrial Average has advanced 14.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
FedEx raises TNT integration costs by $75 million: filings
(Reuters) - Package delivery company FedEx Corp said on Wednesday its expects to incur roughly $350 million in integration costs related to its acquisition of Netherlands-based TNT Express during 2018, some $75 million higher than previous estimates.
UPDATE 2-FedEx raises TNT integration costs by $75 mln -filings
Sept 20 (Reuters) - Package delivery company FedEx Corp
said on Wednesday its expects to incur roughly $350
million in integration costs related to its acquisition of
Netherlands-based TNT Express during 2018, some $75 million
higher than previous estimates.
FedEx says financial drain from cyber attack to linger through 2018
(Reuters) - Package delivery company FedEx Corp said on Wednesday a June cyber attack on its Dutch unit will continue to hurt revenue through its second fiscal quarter and fiscal full-year 2018 and force bigger investments in information technology.
UPS and FedEx will hire thousands this holiday season
UPS and FedEx will hire thousands this holiday season
General Mills and FedEx rise while Bed Bath & Beyond dips
Stocks that moved substantially or traded heavily Wednesday: General Mills Inc., down $3.21 to $52.17
FedEx profit falls 17 percent, hurt by TNT cyberattack
FedEx said Tuesday that its first-quarter profit fell 17 percent, hurt by a cyberattack at its TNT Express business earlier in the summer that caused package delivery delays.
Cyber attack, hurricane weigh on FedEx quarterly profit
(Reuters) - Package delivery company FedEx Corp on Tuesday reported a lower-than-expected quarterly net profit due to service disruptions from a cyber attack on its Dutch unit, the impact of Hurricane Harvey and higher costs, and also lowered its full-year earnings forecast.
FedEx shares down after earnings, company pins miss on cyberattack, Hurricane Harvey
Shares of FedEx Corp. fell more than 3% late Tuesday after the logistics company reported fiscal first-quarter earnings below expectations, saying the quarter offered "significantly operational challenges" due to a cyberattack and Hurricane Harvey. FedEx said it earned $596 million, or $2.19 a share, in the quarter, down from $715 million, or $2.65 a share, in the year-ago period. Adjusted for one-time items, the company reported per-share earnings of $2.51, from $2.82 a share a year ago. Revenue rose to $15.3 billion in the quarter, from $14.7 billion a year ago. Analysts polled by FactSet had expected FedEx to report adjusted earnings of $3.09 a share on sales of $15.35 billion. Higher base rates were "more than offset" by reduced revenue and increased expenses resulting from the TNT Express cyberattack, TNT Express integration expenses, higher costs at FedEx Ground, a higher tax rate, and the impact from Hurricane Harvey, the company said in a statement. FedEx did not provide a fiscal 2018 GAAP earnings outlook, and lowered its 2018 adjusted fiscal-year forecast, saying it predicts earnings to be $11.05 to $11.85 a share for fiscal 2018. The earnings forecast before some pension accounting adjustments and excluding expenses related to the TNT Express integration and certain legal matters is $12 to $12.80 a share for fiscal 2018, the company said. The forecasts "assume moderate economic growth and continued recovery from the cyberattack," FedEx said. The shares ended the regular trading session 0.5% higher.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
FedEx quarterly profit falls
(Reuters) - Package delivery company FedEx Corp on Tuesday reported a lower quarterly net profit due to service disruptions following June's Petya cyber attack on its Dutch delivery unit TNT Express and the impact of Hurricane Harvey.
FedEx to report earnings amid e-commerce boom
FedEx on Tuesday is expected to post higher earnings and revenue in its fiscal first quarter.
FedEx to raise shipping rates for some services
(Reuters) - Package delivery company FedEx Corp said on Monday it would raise shipping rates for some of its services from Jan. 1.
FedEx to hike shipping rates in 2018
FedEx Corp. announced Monday that it is raising shipping rates beginning Jan. 1, 2018. The shipping company said that FedEx Freight, Express, Ground and Home Delivery shipping rates in the U.S. will increase by an average of 4.9%, among other rates, according to a press release. In addition, FedEx plans to charge customers additional fees for shipments with large packages and that require additional handling by the company. As of publication time the page that details the rate and surcharge increases was not functioning on FedEx's website. The company's stock has climbed 14.2% this year, with the S&P 500 index gaining 10.4%. FedEx announces earnings after Tuesday's market close.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
FedEx resumes flights into airports closed by Hurricane Irma
Sept 12 (Reuters) - FedEx Corp said on Tuesday it
has resumed flights into airports, including in Miami, that were
closed due to Hurricane Irma and that have since been re-opened.
UPS, FedEx resume operations in some parts of storm-battered Texas
(Reuters) - United Parcel Service Inc and FedEx Corp said they resumed flights at Houston's main airport on Thursday afternoon and restarted some Texas operations crippled by Hurricane Harvey.
FedEx resumes limited delivery service in two Texas cities
Aug 31 (Reuters) - FedEx Corp said on Thursday it
resumed limited delivery service in parts of Corpus Christi and
Victoria, Texas, previously halted by Hurricane Harvey, and was
running some ramp operations at Houston's George Bush
(Reporting by Eric M. Johnson in Seattle; Editing by Chris
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