Posted on 09/15/2022 2:22:36 PM PDT by Signalman
FedEx (NYSE:FDX) stock sank 12% postmarket on Thursday after the firm reported prelim. Q1 results that widely missed estimates, hurt by global volume softness that worsened in the final weeks of the quarter.
FDX also withdrew its FY23 earnings forecast.
The company expects Q1 adj. EPS of $3.44, well below consensus estimate of $5.14. Q1 revenue is projected to be $23.2B vs. consensus estimate of $23.52B.
FedEx Express results in Q1 were hit by macroeconomic weakness in Asia and service challenges in Europe, resulting in revenue shortfall of ~$500M relative to FDX's outlook. FedEx Ground revenue was ~$300M below its forecast.
FDX undertook immediate cost cuts to counter weak business conditions, but their impact lagged volume declines.
The company expects business conditions to further weaken in Q2. Q2 adj. EPS is expected to be $2.75 or greater vs. consensus estimate of $5.46. FDX expects Q2 revenue of $23.5B-$24B vs. consensus estimate of $24.87B.
(Excerpt) Read more at seekingalpha.com ...
“Adobe (ADBE) crashed today, also.
Including after hours trades, down almost 18% as I write this.”
We have current employees in our post production company here in Hollywood. True story: many Christmases ago, our ‘top” graphics design guy was drunk and we asked how long to learn Adobe products such as Photoshop.
he answered “ I downloaded the bootlegs thru Pirate Bay and took me just a few weeks to learn everything”
Are the 7 angels trumpeting yet?
We need to see 3400 to 3600 hit on the S and P. Interesting is that although the pol price is off 33% oil stocks are NOT off as much. Want to buy some but still too rich for my blood. Looking at Suncor. Maybe Imperial.
Does FedEx know how much they charge for their famous overnight letter?
There are more U-Haul trucks on the interstate than you can get out of the way of.
Interesting corporate story...the afternoon of 9/11 there were FedEx employees in Manhattan walking toward and across the bridges trying to get back home.
FedEx sent vans around scooping up their employees and taking them home. Back in that day not everyone had cell phones. How did FedEx know where they all were?
We thought that a bit spooky.
No relationship to the posted story.
Ok Ive never heard of that one before..
FedEx is run by Indians now. And we should expect it to run like a company in India for the foreseeable future.
I’m expecting the Lamb to open the first seal before long.
If He hasn’t already and that man is working behind the scenes.
Because some weeks........
What could possibly go wrong?
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Don’t know but certain that the Dems are working hard to inflict more dysfunction, chaos and pain on the country.
When the Transports start dropping, we are beginning a recession as people stop buying ‘stuff’.
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True that. A harbinger of trouble ahead.
I usually only get to enjoy rap while pumping my gas ⛽ or at a red light.
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LOL. Pounding bass, shouting and foul language. A cultural treasure.
It truly is a cultural treasure.
Plus all the broken speakers probably keep several people employed.
I wish I could find evidence to contradict you....but .....I can’t......
We are so screwed.
The market is down again after hours then next week the FED will raise the interest rates...... meanwhile congress does not stop spending which is THE problem!!
obama/biden: You know what we need now? A railroad strike!
Yep a good ol nationwide strike to cripple the economy!
#16 WOW!!
Market Summary
> Adobe Inc
309.13 USD -138.43 (-30.93%) past month
Revenue: 15.78 billion USD (2021)
Buying Figma for $20 billion....
Make sure you sign for it. I had FedEx claim they delivered a Dell package that never came. Dell legal sent me a nasty letter demanding payment. I told them I would not be paying, but they could hire me to fix their supply chain problems.
I had no idea Adobe started crashing a month ago!
Currently (after hours) down 32% from its one month peak.
Down 56% from its November 2021 peak.
Facebook (META) down 61% since its September 2021 peak!
Nasdaq 100 (QQQ) is getting slaughtered.
Adobe and Facebook were both Top Ten Nasdaq market cap stocks just a couple months ago.
Re: Facebook - Zuckerberg - the crash could not happen to a nicer guy!
Perhaps Zuck is now reconsidering his illegal $600 million contribution to Voter Turn Out schemes in 2020?
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