FDX - FedEx Corporation

NYSE - NYSE Delayed Price. Currency in USD
-0.59 (-0.45%)
At close: 4:00PM EDT
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
Previous Close131.15
Bid130.77 x 900
Ask131.90 x 800
Day's Range126.44 - 130.89
52 Week Range88.69 - 178.50
Avg. Volume3,143,188
Market Cap34.109B
Beta (5Y Monthly)1.32
PE Ratio (TTM)N/A
EPS (TTM)-1.34
Earnings DateJun 23, 2020
Forward Dividend & Yield2.60 (1.99%)
Ex-Dividend DateMar 06, 2020
1y Target Est141.92
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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-22% Est. Return
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  • Unfazed by COVID-19, Okta Shows Off Another Strong Quarter
    Motley Fool

    Unfazed by COVID-19, Okta Shows Off Another Strong Quarter

    Despite the disruption from the pandemic, it was mostly business as usual for Okta (NASDAQ: OKTA) as the identity-and-access management company delivered another strong quarter. Shares of the SaaS (software-as-a-service) company had surged in recent months, more than a doubling from their bottom in March, as investors saw Okta as one way to play the work-from-home trend as enterprises and organizations are turning to the company to help facilitate remote access.

  • FedEx named as suitor for German parcel company

    FedEx named as suitor for German parcel company

    According to a report in German newspaper Handelsblatt Today, FedEx Corp. (NYSE: FDX) is pursuing an ownership stake in German parcel company Hermes.The article identified the Memphis-based transportation and logistics giant as the likely suitor to partner with Hermes to expand the company's parcel distribution service, but listed Amazon.com (NASDAQ: AMZN) and the logistics arm of Alibaba Group (NYSE: BABA) as interested parties.Hermes competes in major European markets in Germany, France and the United Kingdom and presents a growth opportunity for FedEx to increase market share and gain scale in comparison to DHL's (Deutsche Post CXE: DPW.D.IX) dominance in the region.In its Wednesday financial report for the fiscal year ended Feb. 29, Hermes' parent, Hamburg-based online retailer Otto Group, said it was planning to bring on a "strategic partner for European parcel deliveries" within the financial year. The company noted the parcel unit has been successful acquiring new corporate customers and experienced peak season-like parcel deliveries during April. Hermes reported adjusted external revenue growth of 10.9% for the recent fiscal year and management expects smaller but "still significant" external growth in the current fiscal year.Hermes is investing "heavily" in logistics infrastructure by expanding its European network of parcel collection hubs in efforts to build out its international, cross-border parcel business. Further, the unit has e-mobility initiatives in place as it pursues zero-emission delivery throughout Germany by 2025. Hermes is on better operating footing given improved growth trends but still faces cost obstacles like wage increases for delivery agents, which they describe as being in "increasing shortage."FedEx finds itself in a transformation to improve sagging earnings and adapt to the ever-evolving supply chain, which favors online sales and e-commerce. Acquiring an interest in a European parcel carrier would advance the company's e-commerce pursuits and provide it with another growth avenue.The recent reshaping of FedEx has included further efforts to minimize its reliance on the U.S. Postal Service as a delivery option, seeking new partnerships with online retailers (firing Amazon as a customer) and the start of combining its long-siloed air and ground offerings.In April, FedEx announced plans to further reduce expenses and preserve liquidity, which included a full drawdown of its $1.5 billion credit facility. The surge in online purchasing has created an unfavorable shift in mix to smaller residential shipments as larger B2B shipments have been negatively impacted by shutdown ordinances. The recent balance sheet and cost-cutting efforts are designed to help navigate COVID-19-related headwinds that have negatively impacted the company's operations.The deal may be a smoother path to profitability in the region as FedEx continues to incur significant expenses integrating and restructuring the 2016 acquisition of Netherlands-based TNT Express. Through its fiscal third quarter of 2020, FedEx reported $168 million in integration expenses related to the acquisition after recording $325 million in similar expenses during the 2019 fiscal year.Otto Group's management described negotiations to sell a portion of Hermes as at an "advanced stage."See more from Benzinga * Deep Space Truckin' With NASA SpaceX Demo-2 launch (with video) * Tech battle: Omnitracs Claims Platform Science Infringed On Its Technology Patents * With Eye On Rebound, United Looks For Alternative To Furloughs(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Here is How Hedge Funds Traded FedEx Corporation (FDX) During The Crash
    Insider Monkey

    Here is How Hedge Funds Traded FedEx Corporation (FDX) During The Crash

    In this article we will check out the progression of hedge fund sentiment towards FedEx Corporation (NYSE:FDX) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 […]

  • UPS Slaps 'Peak' Surcharge On Amazon, Walmart, Others, As Delivery Requests Balloon Post Lockdown Ease

    UPS Slaps 'Peak' Surcharge On Amazon, Walmart, Others, As Delivery Requests Balloon Post Lockdown Ease

    United Parcel Services Inc. (NYSE: UPS) is imposing an additional fee for delivery requests from e-commerce companies that is common during peak seasons, Reuters reported Thursday.The move will come into effect on May 31 and apply to "large, high-volume shippers and companies that send oversized items," according to Reuters.Major UPS clients include Amazon.com Inc. (NASDAQ: AMZN), Walmart Inc. (NYSE: WMT), and Target Corporation (NYSE: TGT), and all these companies are likely to be affected by the latest policy.The e-commerce companies have seen a sudden rise in business as authorities across the United States lifted the lockdowns and the companies are planning to restart deliveries of non-essential items.Delivery services like UPS, or rival FedEx Corporation (NYSE: FDX), typically impose these surcharges during the holiday season shopping surge.UPS and FedEx are also set to benefit from Amazon reportedly suspending its delivery service for third-party sellers on its platform starting June 1.UPS Price Action UPS shares closed 0.1% higher at $99.72 on Thursday and were mostly unchanged in the after-hours session.See more from Benzinga * FedEX, UPS Shares Surge As Amazon To Suspend Delivery Service For Third-Party Sellers Due To Increased Demand(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • UPS adds 'peak' surcharge amid coronavirus fueled delivery spike

    UPS adds 'peak' surcharge amid coronavirus fueled delivery spike

    United Parcel Service Inc on May 31 will slap surcharges on U.S. e-commerce companies that have flooded its delivery network with shipments of everything from packaged food to patio furniture since the coronavirus took hold in March. Such fees are common during the winter holiday season, when package volumes more than double. This round follows stay-at-home orders to fight the spread of the novel coronavirus.

  • FedEx Eases Up On Firewall Separating Air And Ground Units

    FedEx Eases Up On Firewall Separating Air And Ground Units

    For more than 20 years, FedEx Corp. (NYSE: FDX) has operated its U.S. air and ground networks as separate entities. On February 7, the firewall cracked, albeit modestly.The Memphis-based giant said that its FedEx Express unit, which handles time-definite shipments typically moving by air, will contract with its FedEx Ground unit to deliver residential parcels as long as they meet specific operating criteria. The service launched in Greensboro, North Carolina, with additional U.S. markets expected to be phased in through the rest of 2020, FedEx said.  (Photo: FedEx)The agreement represents the first broad commercial compact of its kind between the company's two main business units. It also signals a possible mindset change on the part of Founder, Chairman and CEO Frederick W. Smith, who has kept the two units separate since 1997, when FedEx entered the ground parcel market by acquiring truck operator Caliber System, Inc. Smith's mantra has long been that ground and air express would "operate independently and compete collectively." As recently as a year ago, Smith said publicly there was no reason to change course. Under the new arrangement, FedEx Express drivers will pick up eligible parcels and transfer them into the FedEx Ground network for the line-haul and delivery to U.S. residences. The shipments to be transferred are classified as "day definite," meaning they have specific delivery windows but are not considered the most time-sensitive shipments. Exchanges between networks must take place at night in order to qualify for the service, FedEx said. To avoid any labor issues because the Express and Ground units are governed by different labor laws, Express drivers will pick up the parcels and tender them to the Ground network.With nine million parcels moving daily, FedEx Ground handles three times the U.S. volume of the Express unit. (Photo: Jim Allen/ FreightWaves)FedEx Express will continue to handle business-to-business (B2B) traffic, the parent said. It will also continue to manage the delivery of urgent, longer-haul residential parcels that can't meet service commitments with a ground service. Those shipments typically command premium rates.Raj Subramaniam, FedEx's president and COO, said in a February 7 statement that the move "makes residential deliveries more efficient by putting the right package in the right network at the right cost to serve our customers." On that score, analysts tend to agree. FedEx Express is a high fixed cost operation complete with aircraft, service centers and company drivers. Yet the network, beset by a secular stagnation in U.S. express traffic as more shippers opt for lower-cost ground deliveries, is struggling to generate the higher-yielding parcels needed to support its costs, analysts said.Since 1997, FedEx Express' annual revenue growth has compounded at about 3% annually, according to data from transport consultancy ShipMatrix. By contrast, FedEx Ground's revenue has compounded at a 13% annual clip during that time, based on ShipMatrix data.Many deferred air shipments, which generate twice the yield of a typical ground delivery, could instead be routed via the ground, where FedEx has invested heavily in recent years to improve transit times and reliability, analysts said. This builds package density within the Ground operation, thus lowering the company's cost to serve, said Benjamin J. Hartford, transport analyst for Baird, an investment firm. It also offers customers a more "Express-like" delivery experience for their deferred shipments at a lower price point, Hartford added. The shift would also mean more business for FedEx's network of Independent Service Providers, which are incorporated businesses that employ drivers operating on behalf of the FedEx unit. (Photo: Flickr/Ed Yourdon)Mark S. Schoeman, president of The Colography Group, Inc., a consultancy, said the move represents a better operating approach for FedEx, and that it should have been executed earlier. Still, Schoeman said the overall benefits are likely to be modest, noting that there are a limited number of Express consignments moving within the 150- to 400-mile range that is a ground move's typical length of haul.The question in the years ahead is how far FedEx will take the new model notes Satish Jindel, CEO of ShipMatrix. Jindel has pounded the table for years about going all-in to merge the two units, saying the synergies are too powerful to ignore. As he sees it, FedEx no longer needs a top-heavy Express unit given the secular macro trends in U.S. transportation. It is still common for FedEx Express' deferred traffic to move in an aircraft.Combining the two networks will enable the company to reduce aircraft utilization, eliminate unneeded service centers, and slash other related costs, Jindel said. The synergies would result in an eye-popping increase in annual operating income to $8 billion from $4.7 billion as millions of higher-yielding parcels migrate into the lower-cost network, Jindel said.  (Photo: FedEx)Noting that FedEx plans to complete by year's end the diversion of two million daily parcels that had been tendered to the U.S. Postal Service (USPS) into its Ground network, there's no reason why it can't do the same with much of its Express traffic, he added. The same Ground drivers can handle the Express consignments, and get better paid for delivering more volume, he addedThe February 7 announcement was nothing more than a "toe in the water," Jindel said in an interview this week. The company needs to expedite the strategy, set an aggressive timetable for completion, and give its operating teams the resources needed to get it done, he added.See more from Benzinga * Today's Pickup: Ford Reopens Two Facilities, Twice In The Same Week Over COVID-19 Scare * A Challenge To Amazon, As Microsoft And FedEx Enter Multiyear Collaboration * Today's Pickup: Bulkloads Rolls Out Early Features Of TMS(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Coronavirus update: U.S. marks grim milestone as Trump preps executive order on social-media companies

    Coronavirus update: U.S. marks grim milestone as Trump preps executive order on social-media companies

    The U.S. death toll from the coronavirus that causes COVID-19 rose above 101,000 on Thursday, one day after it exceeded the 100,000 level, a grim marker for the nation with the highest number of cases and deaths in the world.

  • MarketWatch

    Quest's shares rise as FDA authorizes its at-home COVID-19 test

    Shares of Quest Diagnostics Inc. gained 2.7% in trading on Thursday after the company said the Food and Drug Administration had granted emergency use authorization to the company's first at-home COVID-19 test kit. Quest has received EUAs for several tests during the coronavirus pandemic, including for its diagnostic and antibody tests. The at-home test allows adults or their children to gather a nasal sample using a swab at a home and then send out the specimen for shipping using FedEx Corp. at the discretion of a health care provider. Quest said it has already tracked individuals collecting their own specimens at drive-through testing sites, including at Walmart Inc. locations. That's something that Quest CEO Steve Rusckowski mentioned on an earnings call in April. Quest's stock is up 11.6% year-to-date, while the S&P 500 is down 6.0%.

  • 3 Top Industrial Stocks Still Down More Than 20% in 2020
    Motley Fool

    3 Top Industrial Stocks Still Down More Than 20% in 2020

    The Wall Street rebound has mostly left these stalwarts behind, but over the long term, their prospects are strong.

  • Amazon has a rare opportunity to snatch up cheap planes and take on FedEx
    Yahoo Finance

    Amazon has a rare opportunity to snatch up cheap planes and take on FedEx

    Cheap planes and a need for more capacity could be a perfect opportunity for Amazon to snatch up new jets for its delivery services.

  • Top Utilities Stocks for June 2020

    Top Utilities Stocks for June 2020

    The utilities sector is made up of companies that provide electricity, natural gas, water, sewage and other services to homes and businesses. Many of these companies are heavily regulated, and include Duke Energy Corp. (DUK), Southern Co. (SO), and American Electric Power Co. Inc. (AEC). Utilities stocks, as represented by the Utilities Select Sector SPDR ETF (XLU), have underperformed the broader market with a total return of -0.7% compared to the S&P 500's total return of 8.7% over the past 12 months. These market performance numbers and the statistics in the tables below are as of May 26.

  • Amazon Buying Zoox May Save $20 Billion, Put Tesla on Its Heels

    Amazon Buying Zoox May Save $20 Billion, Put Tesla on Its Heels

    (Bloomberg) -- Amazon.com Inc.’s talks to buy driverless vehicle startup Zoox Inc. has analysts speculating the deal could save the e-commerce giant tens of billions a year and put auto, parcel and ride-hailing companies on their heels.Shipping costs are one of Amazon’s largest expenses and may reach $90 billion in the coming years, Morgan Stanley’s internet, auto and transport analysts wrote in a report Wednesday. An autonomous offering could save the company more than $20 billion annually, they estimate.“Autonomous technology is a natural extension of Amazon’s efforts to build its own third party logistics network,” Morgan Stanley’s analysts wrote. They see the company being a “clear” competitor to the likes of Tesla Inc. and General Motors Co. and the potential for Amazon to compete in ride-sharing and food delivery. United Parcel Service Inc. and FedEx Corp. also “will have to respond to keep up.”Other companies in the automotive and chip industries have also held talks with Zoox about a potential investment, according to people familiar with the matter. At least one other business besides Amazon has offered to buy the company, they added. Zoox is unlikely to sell for less than the more than $1 billion that it has raised, according to the people, who asked not to be identified discussing private negotiations.“Zoox has been receiving interest in a strategic transaction from multiple parties and has been working with Qatalyst Partners to evaluate such interest,” the startup said Tuesday. It declined to comment on Amazon’s interest. A spokeswoman for Amazon declined to comment.Zoox had outsize ambition and financial backing. The startup wanted to build a fully driverless car by this year. However, after a 2018 funding round that valued Zoox at $3.2 billion, the startup’s board voted to oust Chief Executive Officer Tim Kentley-Klay. The executive criticized the move, saying the directors were “optimizing for a little money in hand at the expense of profound progress.”Dow Jones reported that Amazon is in advanced talks to buy Zoox for less than the $3.2 billion valuation from 2018.Amazon is willing to spend heavily to automate its e-commerce business. The online retail giant purchased warehouse robot-maker Kiva Systems Inc. in 2012 for $775 million and now has tens of thousands of robots in warehouses around the world.But paying drivers to deliver packages is still one of the biggest costs in the company’s operation. Chief Executive Officer Jeff Bezos announced plans for drone delivery in 2013, though they have yet to materialize at scale. Last year, Amazon revealed an experimental delivery robot called Scout in the Seattle area that rolls on sidewalks like a shopping cart.Last year, Amazon invested along with Silicon Valley venture firm Sequoia Capital in self-driving startup Aurora Innovation Inc., a startup led by the former heads of Google’s driverless car project and Tesla’s Autopilot team. Amazon also backed Rivian Automotive Inc., the electric pickup and SUV maker. Those bets left Morgan Stanley’s auto analyst questioning earlier this month whether Tesla’s rich valuation is warranted given the competitive threats the company faces.“We often hear from investors that Tesla could potentially be the Amazon of transportation,” Adam Jonas, who rates Tesla the equivalent of a hold, wrote in a May 17 report. “But what if Amazon is the Amazon of transportation?”For 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.

  • Why Shares of FedEx Are Up Today
    Motley Fool

    Why Shares of FedEx Are Up Today

    Shares of FedEx (NYSE: FDX) gained more than 7% on Tuesday as investors cheered promising signs of an economic recovery. FedEx and other transport companies have been hit hard by the COVID-19 pandemic, but FedEx is well positioned to rebound if and when the economy begins to recover. FedEx shares were hit hard in the early days of the pandemic, losing nearly 40% of their value during a period from mid-February to mid-March.

  • Barrons.com

    With Aircraft Prices Sliding, the Time Is Ripe for an Expansion of Amazon Air

    Now might be the perfect time for Amazon.com to throttle up plans for its airfreight business, says BofA Global Research analyst Justin Post.

  • FedEx Encourages Entrepreneurs to Apply for #SupportSmall $1 Million in Grants
    Business Wire

    FedEx Encourages Entrepreneurs to Apply for #SupportSmall $1 Million in Grants

    FedEx Corp. (NYSE: FDX) today announced the launch of the company’s SupportSmall Grants program, awarding grants and services to 200 business owners across the U.S. struggling to stay afloat during the COVID-19 global pandemic. Each grantee will receive a $5,000 check as well as a $500 credit for FedEx Office® print and business services to help support their small business.

  • These 4 stocks are investment pros’ favorites — and not one is a ‘FAANG’ stock

    These 4 stocks are investment pros’ favorites — and not one is a ‘FAANG’ stock

    It takes guts to be a value investor these days. According to a recent analysis from Research Affiliates, value has lagged growth now for more than 13 years — the longest stretch in recorded U.S. market history. This has led to a seemingly-endless series of pronouncements in recent years that value investing is dead.

  • Bloomberg

    Amazon Prime Air Seen Surging Fivefold to 200 Jets, Rivaling UPS

    (Bloomberg) -- Amazon.com Inc.’s Prime Air fleet will grow to about 200 planes -- up from 42 now -- in the next seven or eight years, creating an air cargo service that could rival United Parcel Service Inc., according to a study.“At a time when many other airlines are downsizing due to the pandemic, Amazon’s push for faster and cheaper at-home delivery is moving ahead on an ambitious timetable,” said the report issued Friday by DePaul University’s Chaddick Institute of Metropolitan Development. “Amazon Air’s robust expansion makes it one of the biggest stories in the air cargo industry in years.”Amazon unveiled the air cargo service in 2016, prompting speculation that it would ultimately create an overnight delivery network to rival delivery partners UPS and FedEx Corp.Prime Air operates out of smaller regional airports close to its warehouses around the country, helping Amazon quickly move inventory to accommodate one- and two-day delivery. For that reason, some analysts have dismissed Amazon as a potential competitor to UPS and FedEx since it can only offer limited service to a small number of destinations and seems designed to handle Amazon packages.Key to its ability to take on the entrenched players, the report says, is Amazon’s new $1.5 billion facility near Cincinnati that will accommodate up to 100 planes and as many as 200 flights each day. Amazon’s lack of a central hub has kept it from competing in the overnight delivery services offered by UPS and FedEx, which have more planes flying to more destinations.“The massive investment being made in a large hub at Cincinnati/Northern Kentucky International Airport, however, could change everything,” the report says. “This hub appears to be the linchpin to Amazon’s efforts to develop a comprehensive array of domestic delivery services.”A separate report released Monday noted Amazon’s lack of a central hub in concluding it was not a competitive threat to FedEx, which has a hub in Memphis, or UPS, which has one in Louisville. FedEx’s network can offer 9,000 daily flight connections, UPS’ 5,500 and Amazon Air just 363, according to the report from Bernstein.“The viability of a commercial overnight offering from Amazon remains very limited,” Bernstein analyst David Vernon wrote. “Offering a low cost on shipping to a small number of markets every so often will never be a serious competitive threat.”For 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.

  • Barrons.com

    USPS Needs Fixing. Wall Street Has a Plan.

    Investors should watch what happens, because changes for the U.S. Postal Service have big implications for FedEx and UPS, and for companies involved in e-commerce.

  • Monmouth (MNR) Buys Industrial Property Net-Leased to FedEx

    Monmouth (MNR) Buys Industrial Property Net-Leased to FedEx

    Monmouth's (MNR) third high-quality acquisition so far in fiscal 2020 is net-leased to FedEx Ground Packaging System, which plays a key role in keeping supply chains moving.

  • FedEx Will Deliver Strong Returns Without Amazon
    Motley Fool

    FedEx Will Deliver Strong Returns Without Amazon

    For stockholders, FedEx (NYSE: FDX) has been dead money for years. FedEx's strength is in their express (or air) unit, which instead mainly supports business to business logistics. First, the bad: In FedEx's most recent quarter, CEO Frederick Smith reported a near 60% drop in profit year over year.

  • ZTO Express Misses As Economy Reopens, Competition Heats Up
    Investor's Business Daily

    ZTO Express Misses As Economy Reopens, Competition Heats Up

    ZTO Express earnings for a coronavirus-hit Q1 fell short of estimates as competition heats up in the Chinese delivery market.

  • A Challenge To Amazon, As Microsoft And FedEx Enter Multiyear Collaboration

    A Challenge To Amazon, As Microsoft And FedEx Enter Multiyear Collaboration

    Microsoft Corporation (NASDAQ: MSFT) and FedEx Corporation (NYSE: FDX) will join forces in a multiyear technology and logistics partnership, the companies announced this week. The collaboration, to involve new product development, will combine the global digital and logistics network of FedEx with Microsoft's intelligent cloud, and could eventually reshape e-commerce as we know it."Together with Microsoft, we will combine the immense power of technology with the vast scale of our infrastructure to help revolutionize commerce and create a network for what's next for our customers," said Frederick W. Smith, chairman and CEO of FedEx, in a statement.Also this week the companies announced their first offering, FedEx Surround, aimed at providing real-time analytics into commerce supply chains and shipment tracking. FedEx Surround can also collect multiple data points gathered through FedEx's enhanced scanning and proprietary technology, and analyze them using Microsoft's suite of AI, machine learning and analytics solutions. "This will provide participating businesses with not only enhanced visibility of a package's location during its journey," the statement said, "but also knowledge of global commerce conditions and external challenges in near-real-time, such as severe weather or natural disasters, mechanical delays, clearance issues and incorrect addresses."Anything that drives "more precise" inventory management and logistics and also improves the ability of companies to sense and respond to potential issues and disruptions using real-time data will prove valuable, Brittain Ladd, a former Amazon executive who now runs his own consultancy, told FreightWaves.But Ladd said he believes "the ambition is much bigger," and that Microsoft will ultimately leverage the partnership to reimagine the shopping experience, using a combination of AI, machine learning, voice activation and virtual reality. LinkedIn, owned by Microsoft, would serve as the marketplace platform."Online shopping is old school," Ladd said." Virtual reality is the future, and Microsoft will be the one to usher in the new age of retail." In that context, Ladd said, "FedEx will be the dedicated provider of fulfillment." Whether that prediction comes to pass, it's hard not to view the partnership as a direct challenge to Amazon.com Inc (NASDAQ: AMZN), as the e-giant continues to build out its own logistics and technology networks.Less than a year ago, FedEx ended its ground and air shipment contract with Amazon. And as GeekWire observed, the partnership bears some similarity to previous Microsoft collaborations with Walmart and Kroger, Amazon competitors that may be less than eager to rely on Amazon Web Services (AWS) for their cloud services needs. Azure Cloud is the No. 2 public cloud platform behind AWS."Now more than ever, organizations are counting on an efficient and capable supply chain to remain competitive and open for business," said Satya Nadella, CEO of Microsoft, in the statement."Together with FedEx, we will apply the power of Azure, Dynamics 365 and their AI capabilities to this urgent need, building new commerce experiences that transform logistics for our mutual customers around the world."Microsoft and FedEx will release more information about FedEx Surround availability this summer, along with news of additional product launches, according to the release.Image: Jim Allen, FreightwavesSee more from Benzinga * Today's Pickup: Bulkloads Rolls Out Early Features Of TMS * With Remote Working, Virtual Workspaces Grow In Importance * How Supply Chain Partners Can Help Drive The Triple Bottom Line(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.