Wall Street’s main indexes hit two-month lows on Friday after a warning from the head of FedEx about a looming worldwide recession. The benchmark S&P 500 fell below the 3,900 mark, seen by many traders as a key support level, stoking speculation that there could be more selling in equity markets. As of mid-Friday, the…
FedEx Sinks as Pulled Forecast Deepens Global Slowdown Fears
FedEx Corp.’s shares tracked their worst day on Friday after the delivery heavyweight pulled its forecast, feeding into fears of a global demand slowdown while piling more pressure on its new chief executive for a quick turnaround. The preliminary results sent the stock tumbling 24 percent to about $155.95, with the company poised to shed…
FedEx CEO Anticipates ‘Worldwide Recession,’ Says Company Closing Down Stores
FedEx CEO Raj Subramaniam has sounded the alarm on a global recession after the company revealed it will be closing multiple stores amid “significantly worsened” macroeconomic trends. Subramaniam made the comment during an interview with CNBC’s Jim Cramer on Thursday, when asked if he believed the economy was heading toward a “worldwide recession.” “I’m not an…
Man Rescued From Fuel Tank at LAX
A 30-year-old man was hospitalized Wednesday when he fell into a fuel tank at the Los Angeles International Airport (LAX). It was around 12:30 a.m. when Los Angeles Fire Department personnel responded to a 911 call from FedEx employees at the airport where a colleague of theirs had fallen into the confines of a fuel tank….
FedEx Sues, Then Cuts Ties With Delivery Contractor Patton
LOS ANGELES—FedEx Corp. on Friday filed suit asking a federal judge to stop one of its largest delivery contractors from spreading misinformation about its business for financial gain, and confirmed that it severed its relationship with him, effective immediately. FedEx’s lawsuit seeks injunctive relief and monetary damages from a “coordinated and multi-faceted campaign orchestrated” by…
New Louisiana Law Will Permit Truck Haulers To Double Up on Loads
Louisiana lawmakers have approved a bill to allow big-rig trucks to haul tandem loads to increase the volume of shipments amidst a growing shortage of drivers. A recent study by the American Trucking Associations (ATA) found that the nationwide shortage could surpass 160,000 drivers by 2030, after setting a historic shortage of 80,000 drivers in…
FedEx to Start Taking Photos of Packages on Doorsteps to Show Proof of Delivery
FedEx will begin taking photographs of packages on U.S. and Canadian doorsteps when they are released without a signature to provide proof of delivery, making the company the first nationwide carrier to do so. Announcing a press release on June 22, FedEx said the new protocol was part of its efforts to boost its e-commerce services…
Amazon Fires Up Rivalry With FedEx, UPS With Latest Launch
Amazon.com Inc. launched Buy with Prime, allowing third-party merchants to use Amazon’s vast shipping and logistics network to fulfill orders on their sites while appealing to Amazon’s Prime customers. Experts see the move firing up rivalry with United Parcel Service Inc., FedEx Corp., and the U.S. Postal Service as being the fastest in the online delivery race, CNBC reports. The…
FedEx Corp. Founder Fred Smith Will Step Down as CEO in June
FedEx Corp. said Monday that Fred Smith will step down on June 1 as CEO of the package-delivery company that he founded and be succeeded by the company’s president and chief operating officer. Raj Subramaniam will serve as both CEO and president and Smith will become executive chairman, the package-delivery company said. Smith, 77, started…
FedEx Shares Slip as Profit Growth Misses Street Target
U.S. delivery firm FedEx Corp. posted lower-than-expected quarterly earnings on Thursday, hit by ongoing labor woes and the Omicron outbreak, and said second-half Ground margins will miss internal targets. Shares of FedEx fell 3.5 percent to $219.90 in extended trading. E-commerce shipments fueled revenue at FedEx and United Parcel Service during the COVID-19 pandemic, but…
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