FedEx boosts share buybacks

October 15, 2013

The shipping giant bucked concerns about the U.S. economy and announced plans to repurchase up to 32 mil shares, in addition to the 7.4 mil shares remaining from an existing buyback plan. FedEx (FDX) said it bought back 2.8 mil shares in its fiscal Q1. The company last month reported a 6% increase in Q1 profit and reaffirmed its full-year guidance. Shares soared 4.1% to a multiyear high of 120.08.