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FedEx Quarterly Profit Drops 75%, Misses Analyst Estimates
FedEx Corp. (FDX) said yesterday (Thursday) that its quarterly profits dropped by 75% – missing analyst estimates – and announced layoffs among other cost-cutting measures. FedEx, and its archrival, Atlanta-based United Parcel Service Inc (UPS), are considered bellwethers of U.S. economic activity because shipping volumes typically increase during healthy economic conditions and deteriorate in recessions.
As the economy hits its roughest patch since the Great Depression, and the unemployment rate soars to its highest level in 25 years, consumers and corporations have reduced purchases and shipping to friends and business counterparts.
The second-largest U.S. package-shipping company said sales fell for the first…
19Mar2009 | Money Morning | 0 comments | ContinuedIf Holiday Retail Stats Don’t Have Economists Saying “Humbug,†Tuesday’s GDP Report Certainly Will
If it’s good enough for Wal-Mart…
Looks like the discounting model pioneered by Wal-Mart Stores Inc. (WMT), the Bentonville, Ark.-based retailing giant, will make its way to some rather unlikely high-end retailers: Barney’s New York Inc. and Neiman Marcus Inc. have announced significant price reductions (up to 75%) over the next few days to avoid a disastrous holiday shopping season.
Story continues below…
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For optimists, the message here is that all hope for holiday retail sales is not yet lost. A National Retail Federation survey…
22Dec2008 | Money Morning | 0 comments | ContinuedGlobal Investing Roundups
Report: Russia, China Biggest Bribers; Coffee Prices Continue Falling; October Existing Home Sales Slump; China Wants More Help From BHP; Yahoo Closing in on New CEO; FedEx Lowers Guidance 26%; Lehman Selling French Unit for $1; NFL to Cut 150 Jobs
- Companies from Russia and China are most likely to use bribes when conducting business abroad, says a report from Berlin-based corruption watchdog Transparency International (TI), Reuters reported. The least likely to bribe were Belgium and Canada, according to group’s 2008 Bribe Payers Index.
- Four days after rival J.M. Smucker Co. (SJM) cut its list price for Folgers coffee products, Kraft Foods…
Global Investing Roundups
Palm Can’t Compete; Oracle Reports Profit Jump; Gustav Drives Unemployment; AIG Taps Edward Liddy; McCain Wants SEC Chief Canned; FedEx Felled by Fuel Costs
-Palm Inc. (PALM) yesterday (Thursday) reported its fifth consecutive quarterly loss, as that maker of the Treo smartphone continued to lose ground to the more popular Blackberry models from rival Research in Motion Ltd. (RIMM). “Revenues will still be under pressure and profits elusive” over the next few quarters, Chief Executive Officer Ed Colligan, said on a conference call with analysts, Bloomberg News reported.
-Oracle Corp. (ORCL) said yesterday (Thursday) that its fiscal first-quarter profit jumped 28% to…
19Sep2008 | Money Morning | Comments Off | Continued
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