| As of Friday, November 6th: |
As of October 1st, the earnings growth rate was at -24.8%.Of the 440 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -14.8%. (Data provided by Thomson Reuters)
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FedEx [FDX
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] will not run a Super Bowl ad for the first time in 12 years, according to a posting on the company Web site Monday.
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Director of advertising Steve Pacheco cited difficult economic times as the reason the company will not buy a spot.
"As a country, we are in unprecedented economic waters. And as a responsible employer of more than 290,000 employees and contractors worldwide, there is a time to justify such an ad spend and a time to step back," Pacheco wrote in the Monday blog post.
FedEx has advertised in 18 Super Bowls since 1989.
Last week, FedEx reported a higher profit for its fiscal second quarter, meeting expectations, but announced a 20 percent pay cut for CEO Fred Smith and said it was suspending retirement plan contributions as the U.S. economy's outlook looks bleak.
FedEx said it has a hiring freeze in place and has cut staff levels at its FedEx Freight and FedEx Office units.
According to a company filing with the U.S. Securities and Exchange Commission in July, Smith's base salary for the company's fiscal 2009 year was set at around $1.48 million.
The company also announced the suspension of matching contributions to FedEx's 401(k) retirement plan for a minimum of one year as of February 1.
FedEx said the cost-cutting measures would reduce expenses by $800 million by the end of its fiscal 2010 year.
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Data is a real-time snapshot *Data is delayed at least 15 minutes