- WorldJacksonville Business Journal•34 minutes ago
Despite Irma, CSX metrics improve
CSX Corp.'s rail network took a beating from Hurricane Irma. The railroad (Nasdaq: CSX) had to remove nearly 8,000 fallen trees from its tracks and deploy more than 700 generators to areas without power, according to a CSX presentation to the Surface Transportation Board. The Jacksonville-based company took a number of steps to prepare for the storm. It evacuated more than 1,500 railcars from Florida and held nearly 200 trains that were heading into the storm's path. Thanks to preparations like these, the railroad said in its presentation that "Hurricane Irma did not interfere with broad recovery momentum; however, [it] had localized effect on week 37 metrics and will trickle into week 38 metrics."
- BusinessMarketWatch•16 minutes ago
Treasury yields climb after Fed members signal support for another rate hike this year
Treasury prices fell and yields across the board rose on Wednesday after the Federal Reserve’s policy statement revealed most of the central bank’s rate-setting committee that wanted to see another rate hike in 2017, despite tepid inflation data in the past few months. The Fed kept its benchmark interest rate unchanged between 1% to 1.25%, but said it would begin its historic wind-down of the central bank’s $4.5 trillion balance sheet in October. Taken together the asset-portfolio reduction and further increases to interest rates are likely to tighten monetary policy, pushing borrowing costs up and encouraging traders to sell existing bonds in anticipation of richer yielding bonds in the future.
- BusinessMemphis Business Journal•14 minutes ago
FedEx Corp. reports $300 million impact from TNT Express cyberattack in Q1 2018 earnings.
As expected, the June cyberattack on a FedEx Corp. subsidiary left its mark on earnings. Memphis-based FedEx Corp. reported its first quarter 2018 results, which showed a $300 million impact on operating income in the first quarter or $0.79 per diluted share. Another key point of discussion during the call: FedEx will have pickup and drop-off locations implemented across roughly 8,000 Walgreens locations by the end of October. For the quarter, FedEx reported earnings of $2.19 per diluted share. A year ago, that figure was $2.65. During the earnings call, FedEx executives said the $300 million figure was calculated predominately by lost revenue, but also by recovery efforts. The attack, which
