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FedEx Shares Drop on Loss News

From MarketWatch.com: FedEx Corp. said Wednesday that it swung to a fourth-fiscal-quarter loss from a year-earlier profit, reflecting a $696 million after-tax asset-impairment charge tied to the acquisition of Kinko’s, as well as a surge in fuel prices and a weak U.S. economy.

The Memphis-based shipping business, sometimes viewed as a bellwether for the broader economy, also provided a first-quarter and fiscal 2009 outlook that were below Wall Street’s earlier expectations. That helped to send shares down nearly 3 percent.

Read the rest of the bad news at MarketWatch.com.

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AutoZone Stock Rises on Good Earnings News

Shares of Memphis-based AutoZone (AZO) motored higher Tuesday after the auto-supply retailer handily beat Wall Street’s first-quarter profit targets.

From TheStreet.com: For the first quarter ended Nov. 17, the Memphis company earned $132.5 million, up 7 percent from $123.9 million a year earlier.

On a per-share basis, earnings jumped 17% to $2.02 from $1.73 last year, as the average number of shares outstanding dropped 9% due to buybacks. Analysts polled by Thomson Financial expected earnings of $1.91 a share.

More analysis and detail at TheStreet.com.

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FedEx Stock Drops on Reduced Earnings Expectations

Upon news that FedEx cut its earning expectations for the year, shares of the company sank almost 5 percent during morning trading [Friday].

The company, citing rising fuel costs, said that earnings per individual shares would be 20 cents lower than previously expected. Analysts had forecast an earning of $1.60 to $1.75 per share for the second quarter ending November 30th. Now FedEx expects to earn $1.45 to $1.55 per share.

Since September, the company’s fuel costs have risen more than 8 percent, roughly $85 million. A FedEx spokesman said that the company would be taking steps to reduce expenses and is reviewing its capital investment plans.