Trending: FedEx Corp. to Raise Shipping Rates
24 September 2022 - 6:20AM
Dow Jones News
15:49 ET -- FedEx Corp. is one of the most talked about
companies in the U.S. across all news items in the last 12 hours,
according to Factiva data. After the bell Thursday, the
package-delivery company said it would raise shipping rates by 6.9%
in the face of a slowdown in its business. FedEx also said it
expects to generate between $2.2 billion and $2.7 billion in
savings this fiscal year from a plan announced last week to park
aircraft, suspend Sunday deliveries and close some offices. On
Friday, several analysts lowered their price targets on FedEx
stock, including Credit Suisse, who cut its target to $236 a share
from $246, and Goldman Sachs, who now expects $215 a share instead
of $250, as reported by Benzinga. FedEx stock was trading lower
near the end of Friday's regular session amid a broad market
selloff. Dow Jones & Co. owns Factiva.
(stephen.nakrosis@wsj.com)
(END) Dow Jones Newswires
September 23, 2022 16:05 ET (20:05 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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