|Bid||158.80 x 1000|
|Ask||159.85 x 1000|
|Day's Range||158.00 - 161.29|
|52 Week Range||137.78 - 199.32|
|Beta (5Y Monthly)||1.73|
|PE Ratio (TTM)||583.16|
|Earnings Date||Mar 16, 2020|
|Forward Dividend & Yield||2.60 (1.64%)|
|Ex-Dividend Date||Mar 05, 2020|
|1y Target Est||172.52|
(Bloomberg) -- Amazon.com Inc. is severing ties with small delivery firms around the country -- putting at least 1,300 drivers out of work -- in an effort to eliminate partners that aren’t meeting its standards.Bear Down Logistics, an Illinois company that rapidly expanded over the past two years, is shuttering operations in five states and letting go of about 400 drivers. Delivery Force, an Amazon delivery partner in Washington state, is cutting 272 drivers in Seattle and other cities. Kansas-based RCX Logistics, an Amazon delivery partner with operations in Texas, Alabama and Florida, will eliminate the jobs of more than 600 employees after losing its Amazon contract. Around the country, logistics firms are notifying state officials about facility closures and job cuts, signs that Amazon is culling the herd.The action underscores the challenges of outsourcing deliveries to new, untested companies instead of traditional partners such as United Parcel Service Inc. and FedEx Corp. It also serves as a warning to Amazon delivery partners that the company is an exacting client willing to cut them off.Bear Down Logistics notified Ohio, Virginia, Minnesota and Illinois that it would close facilities in those states in April, resulting in the loss of almost 280 jobs. Another Bear Down facility near Grand Rapids, Michigan, will also close in April, according to documents reviewed by Bloomberg. About 120 drivers work at the Michigan facility, said a person familiar with the matter who spoke on condition of anonymity due to company policies about speaking with the media. The company also has Amazon delivery operations in Wisconsin, the status of which was not immediately clear.“We have a responsibility to our customers and the communities where we operate to ensure these partners meet our high standards for things like safety and working conditions,” an Amazon spokeswoman said in an email. “Occasionally we need to end a relationship with a partner and when this happens we are committed to helping the impacted employees find opportunities with other delivery service partners or to learn more about the thousands of available roles at Amazon delivery stations and fulfillment centers.”Bear Down Logistics, Delivery Force and RCX Logistics didn’t immediately respond to requests for comment.Amazon in 2018 launched a program encouraging aspiring entrepreneurs to lease vans, hire drivers and build their own businesses delivering packages to its customers. More than 800 such businesses have sprouted around the country with 75,000 drivers, helping Amazon increase delivery capacity. Amazon also has greater negotiating leverage over each small operator than it does with larger delivery partners like UPS, FedEx and the U.S. Postal Service.Drivers working for Amazon delivery partners typically earn less than their counterparts working at larger delivery companies like UPS, which helps Amazon lower costs. One driver working for Bear Down Logistics in Michigan said he earned about $15 an hour delivering Amazon packages, while UPS paid seasonal drivers doing the same work in that area about $20 an hour.A big challenge for Amazon is balancing safety with its efforts to deliver things quickly at the lowest possible cost. ProPublica in December revealed internal Amazon documents showing it prioritized speed over safety in its delivery network, which followed other investigations exposing the injuries and deaths that accompanied Amazon’s quick expansion of its delivery program.The Bear Down experience also shows how hard it is to make a go of such businesses. When Amazon courted entrepreneurs, it touted the prospects of earning $300,000 a year with as little as $10,000 in up front costs, significantly less than most franchise businesses that can cost more than $100,000 to launch.(Updated with job cuts in Florida, Texas and Alabama in the second paragraph.)To contact the reporters on this story: Spencer Soper in Seattle at firstname.lastname@example.org;Matt Day in Seattle at email@example.comTo contact the editors responsible for this story: Robin Ajello at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of FedEx Corporation's EETCs and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Densely populated metropolitan areas like New York City have become ground zero for clashes among cars, bikes and trucks competing for limited parking spaces. Commercial parking fines incurred in New York City in 2019 totaled about $123 million, meaning the two delivery giants were responsible for about one quarter of the city's commercial parking fines last year.
The Board of Directors of FedEx Corp. (NYSE: FDX) today declared a quarterly cash dividend of $0.65 per share on FedEx Corp. common stock. The dividend is payable April 1, 2020 to stockholders of record at the close of business on March 9, 2020.
The head of an American business lobbying group said on Thursday he was confident that China will still meet its "Phase 1" trade deal commitments to massively increase purchases of U.S. goods and services despite the coronavirus crisis. Craig Allen, president of the U.S.-China Business Council (USCBC) said that the business slowdown in China could affect the timing of purchases, but both governments were committed to meeting the targets. The group represents U.S. companies doing business in and with China.
A Delaware company has acquired a 31.5-acre property next to the airport on which it's building a $9.2 million delivery and distribution facility with parking for 952 delivery vans.
Just when you thought 2019 was over, some of the year’s most popular phrases have been added to Dictionary.com’s slang dictionary. The digital dictionary updated its archives on Wednesday to include 20 new slang terms from the past year or two, including “OK, boomer,” “Megxit” and Baby Yoda. John Kelly, the senior research editor at Dictionary.com, told MarketWatch that the buzzworthy words and phrases were selected by analyzing the site’s search data, monitoring trends on social media, as well as tracking themes seen within pop culture at large.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all hit new 52-week highs on Tuesday. That said, let's look at a few top stock trades as the gains keep on coming. Top Stock Trades for Tomorrow No. 1: Amazon (AMZN) Click to Enlarge Source: Chart courtesy of StockCharts.comAmazon (NASDAQ:AMZN) stock continues to climb higher, now putting together three consecutive weeks in the green (provided it closes higher this week).The stock is now breaking out cleanly over $2,000, and has hurdled the $2,025 level as well. It's vital for AMZN stock to hold above this zone now, as it will keep bulls in control following this big-time breakout that's been in the making for quite some time.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 U.S. Stocks to Buy on Coronavirus Weakness On the upside, see if Amazon can pierce $2,200, with the 1.382% extension of the one-year range up at $2,207. On a pullback, I'd like to see $2,025 to $2,050 act as support -- along with the 10-week moving average if it can catch up and clear this level too. Top Stock Trades for Tomorrow No. 2: Under Armour (UAA, UA) Click to Enlarge Source: Chart courtesy of StockCharts.comUnder Armour (NYSE:UAA, NYSE:UA) is getting crushed on Tuesday, down roughly 20% after disappointing quarterly results.Shares are now plowing through any sort of nearby support, as it gaps below the 50-day and 100-day moving averages, as well as $20 support. Now, bulls must do their best to reclaim and hold the $17 mark. Below keeps the December 2018 low on the table, near $16.50. However, the stock did reach that point earlier on Tuesday -- setting a new 52-week low.Nonetheless, any further below that, and the technicals will be quite damaged. Top Stock Trades for Tomorrow No. 3: Facebook (FB) Click to Enlarge Source: Chart courtesy of StockCharts.comFacebook (NASDAQ:FB) stock continues to waver, as the recent trading range continues to tighten.Let's keep it simple, but nimble. On a move over $213, Facebook stock may have some short-term momentum. In that case, look to see how it handles the $218 to $220 zone. Above it puts $222.50-plus, and the 52-week high on the table. * 3 Great Emerging Markets Stocks for International Diversification On the downside, though, a move below the 20-week moving average and $202.50 puts the $190 to $195 level on watch -- with the 50-week moving average coming into play near the former. Top Stock Trades for Tomorrow No. 4: FedEx (FDX) Click to Enlarge Source: Chart courtesy of StockCharts.comOver the last two weeks, FedEx (NYSE:FDX) stock gave investors a "look below" and reverse. Meaning that it broke below support, but then reclaimed it in the next candle. Now squeezing higher, FDX may have trapped some short sellers who were looking for more downside.For more upside, though, we need to see FDX reclaim the declining 50-week moving average and downtrend resistance (blue line). Over downtrend resistance, and a move to $175-plus is possible.If resistance holds, however, look for another test of support down near $148 to $150. Below that puts the recent low of $143 on the table, along with the fourth-quarter low of $137. Top Stock Trades for Tomorrow No. 5: Hasbro (HAS) Click to Enlarge Source: Chart courtesy of StockCharts.comHasbro (NASDAQ:HAS) opened significantly higher, but has all but given up its post-earnings gains on Tuesday.It's been a tough session for bulls to swallow. At the open, HAS stock had gapped above and reclaimed the 50-day, 100-day and 200-day moving averages -- as well as notable resistance at $105.However, the stock was unable to hold those gains -- even for a few hours -- as HAS stock is now back below all of these marks.For now, I wouldn't be a buyer of Hasbro stock unless it's able to reclaim $105 and its major moving averages. If it can, it puts the post-earnings high near $110 on the table. Above that, and HAS can continue to fill the gap up toward $117.50.On a dip, however, see if uptrend support (blue line) buoys the stock. Below that puts the $93 mark on the table.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 U.S. Stocks to Buy on Coronavirus Weakness * 7 Strong Value Stocks to Buy for 2020 * Are All the Top 10 Warren Buffett Stocks Worth a Buy? The post 5 Top Stock Trades for Wednesday: AMZN, UAA, FB, FDX, HAS appeared first on InvestorPlace.
Once believed rare among city contractors, city officials have found that wage theft is a larger problem than previously believed.
UBS analyst Tom Wadewitz lifted FedEx to a buy rating and raised his share-price target to $187, citing improvement in the company's business-to-consumer cost structure in its express operation.
No jobs are being cut, but more than 400 employees could be impacted as a FedEx facility in South Sacramento downsizes this spring.
FedEx (FDX) aims to optimize residential deliveries and reduce costs of such deliveries by allowing some of its Express packages to be delivered via the Ground unit.
STOCKSTOWATCHTODAY BLOG It’s a quieter Monday morning without large mergers or acquisitions on the tape. The big news of the weekend was Parasite winning Best Picture at the Academy Awards. That qualifies as an upset.
The post office reported another quarterly loss Thursday evening. Persistent accounting losses is one reason change might come to the USPS. Change that can impact publicly traded logistics peers including FedEx and UPS.
(Bloomberg) -- FedEx Corp. rose the most in three months after saying it plans to hand off some deliveries from its overnight division to its separately-run ground business, attempting to wring more profit from surging e-commerce.The arrangement is part of Chief Executive Officer Fred Smith’s strategy to tackle the flood of residential packages from online shopping, which can be more expensive to handle than commercial goods because fewer items are left at each stop. By having Express hand off less time-sensitive parcels to its Ground unit for final delivery, the company will reduce cases in which a driver from both units visit the same customer.“We are duplicating efforts and diluting our delivery density, including the number of packages delivered at each stop,” Chief Operating Officer Raj Subramaniam said in a letter to employees. “This move is an effort to make costly last-mile deliveries more efficient.”In the last year, FedEx has rolled out several changes, including seven-day deliveries, later pickup deadlines and more capacity to handle large packages, to capture more e-commerce business and stem a drop in profit margins. FedEx predicts that 90% of growth in the parcel industry from 2018 through 2026 will come from e-commerce.The shares rose 5.1% to $156.22 at 3:09 p.m. in New York trading after climbing as much as 5.3%, the biggest intraday gain since Nov. 4. The advance put FedEx up 3.1% for this year, having traded down 1.7% through Thursday.Separate NetworksUnlike competitors United Parcel Service Inc. and Amazon.com Inc., FedEx operates two separate networks for overnight and ground deliveries. Its Ground unit uses contractors who hire their own employees to operate delivery vehicles. The more packages delivered to the same place by one driver, the lower the per-parcel delivery cost will be.“Investors have long wanted FDX to find ways to extract synergies from its two overlapping networks,” Jack Atkins, an analyst at Stephens Inc., said in a note to clients Friday. The shift will allow Express to focus on commercial deliveries while driving higher profit at the Ground operation, he said.FedEx will start the initiative in March in Greensboro, North Carolina, with Express products that have less strict delivery deadlines, such as standard overnight and second-day service. The plan is to roll it out to other U.S. cities in phases, FedEx said in a statement.“We continue to flex our network to stay ahead of e-commerce growth, and that includes adjustments to better handle the demand for residential deliveries while lowering our cost to serve,” Subramaniam said in the statement.To contact the reporter on this story: Thomas Black in Dallas at email@example.comTo contact the editors responsible for this story: Brendan Case at firstname.lastname@example.org, Tony Robinson, Susan WarrenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of FedEx Corp. surged 3.6% in afternoon trading Friday, swinging from an earlier loss of as much as 1.5%, after the package delivery company said that beginning in March, FedEx's Express business will contract with its Ground business for select, "day-definite" residential deliveries. The move is aimed at increasing efficiencies and lower costs of residential deliveries, as it will reduce the number of delivery vehicles in residential neighborhoods, as e-commerce continues to grow at an "explosive" rate. "This move makes residential deliveries more efficient by putting the right package in the right network at the right cost to serve our customers," said Chief Operating Officer Raj Subramaniam. Last month, e-commerce giant Amazon.com Inc. told its third-party merchants they can resume use of FedEx's Ground network, about a month after banning its use given the failure to meet on-time delivery standards. FedEx's stock has lost 15.1% over the past 12 months while shares of rival United Parcel Service Inc. have slipped 3.1% and Amazon's stock has run up 28.7%. In comparison, the Dow Jones Transportation Average has gained 6.3% the past year and the Dow Jones Industrial Average has advanced 15.6%.