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FedEx FDX –0.07% stock was tumbling after the company doubly disappointed investors Thursday by announcing weak quarterly results earlier than expected while withdrawing its full-year financial guidance. The stock was down 20% in premarket trading Friday after FedEx (ticker: FDX) said it earned $3.44 a share from $23.2 billion in sales in its fiscal 2023 first quarter which ended in August. Wall Street was looking for $5.10 in per-share earnings from $23.5 billion in sales. Sales were close, but management said revenue was impacted by “global volume softness.” The economy is slowing. Costs are also a problem. The company is...

FedEx CEO Raj Subramaniam told CNBC’s Jim Cramer on Thursday that he believes a recession is impending for the global economy. “I think so. But you know, these numbers, they don’t portend very well,” Subramaniam said in response to Cramer’s question of whether the economy is “going into a worldwide recession.” The CEO’s pessimism came after FedEx missed estimates on revenue and earnings in its first quarter. The company also withdrew its full-year guidance. Shares of FedEx fell 15% in extended trading on Thursday. “I’m very disappointed in the results that we just announced here, and you know, the headline...

FedEx FDX stock was tumbling after the company doubly disappointed investors Thursday announcing weak quarterly results earlier than expected while withdrawing its full-year financial guidance. The stock was down more the 12% in after-hours trading after FedEx (ticker: FDX) said it earned $3.44 a share from $23.2 billion in sales in its fiscal 2023 first quarter which ended in August. Wall Street was looking for $5.10 in per-share earnings from $23.5 billion in sales.

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...

FedEx Ground's delivery system is at risk of complete collapse as the local contractors it relies upon face rising costs and without any sign that their compensation will go up any time soon. The FedEx Ground network relies upon local delivery companies to make the package and parcel dropoffs on behalf of the $54 billion multinational conglomerate. But now one of the largest delivery contractors is warning that the entire system is on the brink of falling apart with local workers unable to absorb any more rising costs. The FedEx Ground network is in far more peril than what anyone...

Ammo Companies Say Packages Shipped With UPS Mysteriously Go “Missing”Bearing Arms reported several firearm-related companies had their corporate accounts canceled by UPS.Not only that, but some of these companies also have had packages damaged or lost while in transit to customers.One ammunition distribution company called “The Gun Food” reported out of a recent 18,000 rounds of ammunition shipped with UPS, only 6,000 made it to the end destination.Collins, who owns the ammo company, remains suspicious that many packages he shipped via UPS have been damaged or lost. He said UPS had pinned the mishaps on his company for not correctly...

Well, there's really no way to put this delicately. A Florida driver distracted by receiving intimate services from his passenger lost track of his surroundings and crashed head-on (it only gets worse from here, folks) into a FedEx delivery vehicle in Ft. Lauderdale on Thursday, resulting in "injuries to his private area," WPLG Local 10 reports. The man and woman were northbound in an SUV on North Ocean Boulevard when the driver apparently became distracted by his passenger's performance and crossed the center line, striking the delivery van as it traveled southbound near the intersection with Northwest 19th St. Neither...

"FedEx has changed the world by connecting people and possibilities for the last 50 years," Smith said in a statement. "As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future."

Okta, the $25 billion market cap company that handles logins for more than 100 million users, today confirmed it suffered a breach in January via a third party customer support provider. But for some customers who spoke to Forbes, the disclosure was too late and too scant with information. Okta’s admittance came after a hacking crew called LAPSUS$, which extorts its targets after stealing their data and often leaks victims’ information in public forums, claimed it had breached the company. LAPSUS$ had previously claimed to have stolen data from major security companies including NVIDIA and Microsoft, leading both to investigate...

Photos and videos showing piles of empty boxes littered alongside rail tracks in Los Angeles County, California have gone viral as shipping companies say they've seen a dramatic spike in railroad theft. Some of the boxes are packages from companies like UPS, Amazon and FedEx. Union Pacific, one of the country's largest railroad companies, says it may avoid operating in Los Angeles County following the spike in thefts, which it blames on lax prosecution of crimes. The containers and trains are locked, but can be broken into. Union Pacific said last month in a letter to the Los Angeles District...

With the right military equipment, a single person can target a plane from three miles away using a heat-seeking missile. While such a nightmare is a rare occurrence, FedEx has applied to the FAA seeking approval to install a laser-based, anti-missile defense system on its cargo planes as an added safety measure. Military planes carry flares that can be remotely ignited and ejected by a pilot to throw off a heat-seeking missile’s targeting system with an alternate heat source, while the plane itself performs evasive maneuvers in an attempt to fool the incoming projectile. Those countermeasures are less effective for...

Delivery slowdowns at the U.S. Postal Service take effect Friday, and higher prices are soon to follow. The nation’s mail service is preparing to implement core components of Postmaster General Louis DeJoy’s 10-year plan for the agency, a program designed to cut costs and raise new revenue to fix its many financial problems. The Postal Service has struggled for years with financial losses due to declining mail use, and the coronavirus pandemic exposed more issues within the agency as it struggled to cope with an avalanche of e-commerce purchases, worker availability problems and a disorganized processing network. DeJoy, the controversial...

No cases of the new COVID–19 Omicron variant have been confirmed in the US to date, the Centers for Disease Control and Prevention said on Friday. The announcement came after the newly identified strain was classified as a “variant of concern” by the World Health Organization on Friday.

(CNN)Hundreds of FedEx packages were discovered discarded in a ravine Wednesday in Blount County, Alabama, some 40 miles northeast of Birmingham, according to the local sheriff's office. Deputies responded Wednesday afternoon to a ravine on private property, where they discovered 300 to 400 FedEx packages of assorted sizes... ...the company "sent multiple trucks and drivers from all over the south" who were set to begin loading the packages at sunrise Thursday....

I'm in Alabama. A package that originates also in Alabama...just some 300 miles south of me...keeps showing up as 'delayed' in tracking and its a week overdue. Was wondering if its just a FedEx thing or????

The CEO of FedEx said on Sunday the transport company will be able to meet holiday demand “assuming that we can get the employees,” as a number of industries continue to grapple with decreased workforces because of the COVID-19 pandemic. Asked by host Margaret Brennan on CBS’s “Face the Nation” if Christmas presents will arrive on time this holiday season, FedEx CEO Fred Smith said “I think we’re ready for this,” as long as he has enough workers. He said FedEx and other companies have seen a shortage in workers in part because of the highly infectious delta variant, and...

Union Pacific railroad said there was a rash of cargo container break-ins as the containers were being hauled by train near downtown Los Angeles, as officials are trying to clear the backlog of cargo at the Ports of Los Angeles and Long Beach. Thousands of boxes as far as the eye could see were strewn along the railroad tracks near Valley Boulevard and North Mission Road in Lincoln Park in footage captured by NewsChopper4 Monday. Several container doors were wide open - including a FedEx container with boxes tipping over. The section of the track is bordered by homeless encampments...

The unidentified object dropped down from above and matched their altitude before flying alongside the airplane for around 30 minutes. While the pilots have not been named, one was understood to be a career pilot with 19 years' experience while the second was a veteran fighter pilot who had previously flown F-15's. They have been described as "competent airmen, highly experienced with observing and identifying aircraft, and are capable of determining normal observations and incidents from unusual ones." According to the report by the National Aviation Reporting Center on Anomalous Phenomena (NARCAP), the plane had departed Queretaro International Airport and...

Hundreds of requests for details on the specifics of the container shipping backlog. So, I spent 3 days calling sources, digging for details and gathering information on the substantive issue at hand. The epicenter of the problem is not what is being outlined by financial media, corporate media and politicians who have a specific interest in distracting from the issues at hand. This has nothing to do with COVID-19. The issues being discussed today relate to events that happened a long time ago. As a matter of fact, it was so predictable that Amazon, Walmart, UPS, FedEx, Samsung, The Home...

Hundreds of requests for details on the specifics of the container shipping backlog. So, I spent 3 days calling sources, digging for details and gathering information on the substantive issue at hand. The epicenter of the problem is not what is being outlined by financial media, corporate media and politicians who have a specific interest in distracting from the issues at hand. This has nothing to do with COVID-19. The issues being discussed today relate to events that happened a long time ago. As a matter of fact, it was so predictable that Amazon, Walmart, UPS, FedEx, Samsung, The Home...