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Package delivery company FedEx Wednesday forecast a weak fiscal 2009 after posting a quarterly loss it blamed on rising fuel prices, an ailing U.S. economy and a previously announced write-down.
FedEx is the main story this morning, and it is not a pretty picture. Earnings of $1.45 was a bit shy of consensus of $1.47, but that wasn't the big problem. Guidance for the current quarter is well below expectations: $0.80-$1.00 vs. $1.27, as is the full year guidance of $4.75-$5.25 vs. $5.92 consensus.
Wall Street was bracing for another rough day as investors worried over earnings reports and oil inventories, with bad news from Federal Express adding to the downbeat mood.
Sloppy and choppy was the market trend Tuesday, and there's signs it could continue into Wednesday with no economic data on the horizon to drive stocks.
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Investors are eagerly anticipating FedEx earnings on Wednesday. After Goldman upgraded Amazon, will delivery of purchases made online boost the bottom line?
How long can this trade (long energy & materials, sell rallies in financials) work? Bulls think it can go on for some time; bears believe we are in a blow-off on energy and materials and it is only working right now because it is the end of the quarter, but will soon stop.
High fuel prices and a lackluster economy aren't making life easy for FedEx, but that doesn't mean the shipping giant can't make money.
Goldman Sachs spacerturned in another stellar performance under difficult circumstances with an earnings report that far exceeded expectations. Return on equity was 20% when other investment banks are posting losses. 52% of the revenues were from trading operations which are volatile and risky and that's why these stocks trade at what seem to be low price to earnings valuations. My guess is Goldman is picking up business by default as traders can easily justify doing business with Goldman.
Should oil prices extend their pullback and data show no further deterioration in the U.S. economy, stocks could rise next week. But investment banking results will be the wild card.
In Friday’s Web Extra the traders reveal how to play Goldman Sachs, wholesale inflation data, and FedEx in the week ahead.
Following are the “Fast & Furious” trades. Now we bring you even more Fast ways to trade tomorrow's market moving events.
if I'm controlling sports marketing at Federal Express, their chief rival, I would have been more than giddy on Saturday. I would have had an ad ready for today's USA Today marking the end of the run.
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FedEx's reduction of its profit outlook because of high fuel costs and weak demand is a bad omen for small US trucking companies.
Stocks started the week off higher as the dollar rose to a two-month high and oil receded. MBIA bounced despite reporting an astouding quarterly loss.