|Bid||156.64 x 800|
|Ask||156.49 x 900|
|Day's Range||156.26 - 160.11|
|52 Week Range||150.68 - 259.25|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||11.52|
|Earnings Date||Jun 25, 2019|
|Forward Dividend & Yield||2.60 (1.57%)|
|1y Target Est||205.21|
Delivery carrier FedEx is suing the United States over restrictions on Huawei. Yahoo Finance's Akiko Fujita reports to Adam Shapiro and Julie Hyman.
Yahoo Finance's Myles Udland on what to watch in the markets, Tuesday, June 25th.
filed a lawsuit against the U.S. government late Monday arguing new trade regulations put an "impossible burden" on the world's biggest package delivery company to monitor the origins of shipments to and from the United States. In papers filed with the U.S. District Court in the District of Columbia, FedEx asked for relief from rules set out by the Commerce Department's Export Administration Regulations (EAR) that make carriers and delivery companies liable for shipments that violate its rules without requiring evidence that the carriers knew they were doing so. The suit follows two separate incidents in which it was accused by Huawei Technologies of mishandling packages either destined for, or travelling to, the United States following the China-backed company's blacklisting by the U.S. State Department.
FedEx earnings are on tap amid stiff competition and global headwinds. The shipping giant sued the U.S. over the Huawei ban. FedEx stock fell, continuing to lag the S&P; 500 index.
FedEx said it shouldn’t be held liable for unknowingly shipping packages that violate U.S. export restrictions, and that it can’t be expected “to police the millions of shipments that transit our network every day.”
In this daily bar chart of FDX, below, we can see two trends over the past 12 months. First is the downtrend from September to December with prices dropping more than $100, and then there is a sideways trend from December to now. A decline below $150 will likely signal a new downtrend while a rally above $200 is needed to establish an uptrend.
The Dow Jones Industrial Average fell Tuesday as investors took a defensive stance on risk ahead of this weekend's G-20 summit in Japan and a speech from Federal Reserve Chairman Jerome Powell. AbbVie is Real Money's Stock of the Day.
FedEx Corp. is scheduled to report fiscal fourth-quarter results on Tuesday, after the closing bell, but what the package delivery giant says about the future will be of much more interest to Wall Street than what it says about the past three months.
Shares of FedEx Corp. slumped 2.6% in morning trading Tuesday, enough to pace the Dow Jones Transportation Average's decliners, ahead of the package delivery giant's fiscal fourth-quarter results due out after the close. Late Monday, the company filed suit against the U.S. Department of Commerce, saying the Export Administration Regulations (EAR) against FedEx violates common carriers' rights, as it holds FedEx liable for shipments that violate the EAR without requiring evidence that FedEx had any knowledge of violations. FedEx said that while it supports the objective of the EAR, it places an unreasonable burden to police the millions of shipments made every day. "FedEx is a transportation company, not a law enforcement agency," the company said in a statement. FedEx's stock, which has now shed 7.0% amid a 3-session losing streak, has dropped 2.9% year to date, while the Dow transports has gained 10.4% and the Dow Jones Industrial Average has rallied 14.3%.
The stock is suffering some bad news recently, but daily and weekly charts suggest that FedEx can survive this minor downside risk. FedEx, the worldwide package delivery giant ended last week in bear market territory 36.2% below its 52-week intraday high of $259.25 set on Sept. 17. Analysts expect FedEx to report earnings of $4.81 to $4.95 per share when they report after the closing bell on Tuesday, June 25.
(Bloomberg) -- China is considering adding FedEx Corp. to a list of so-called unreliable entities, people familiar with the matter said, a move that would escalate tensions with the U.S.Authorities in China have almost completed the preparations that would be needed to blacklist FedEx, the people said, declining to be named because the information hasn’t been made public. A final decision would be made by senior Chinese leaders, the people said.China’s Commerce Ministry announced the creation of the list in late May to target firms that the government says damage the interests of domestic companies. That followed U.S. curbs on Huawei Technologies Co. FedEx drew the ire of Chinese officials after Huawei said that documents it asked to be shipped from Japan to China were instead diverted to the U.S. without authorization.The ministry didn’t respond to a request for comment, and the Foreign Ministry declined to comment on whether FedEx would be placed on the list.“We hope we satisfied them that this wasn’t any nefarious activity on our part,” FedEx Chief Executive Officer Fred Smith said on Fox News. “It was just a well-intentioned FedEx teammate that made an error. We’ll just have to wait and see.”The shares fell 1.9% to $157.86 at 9:44 a.m. Tuesday in New York. FedEx was little changed this year through Monday, while the S&P 500 climbed 17%.U.S. President Donald Trump and China’s Xi Jinping are scheduled to resume talks later this week at the G-20 summit in Osaka, Japan, with no signs their tit-for-tat trade war will end any time soon. Blacklisting Memphis, Tennessee-based FedEx could have a significant impact on its business in China. The Commerce Ministry has yet to release details about the consequences of being added to the unreliable entities list.FedEx in September said that package deliveries between the U.S. and China represent 2% of total sales, which would be about $1.3 billion based on 2018 revenue. The company, which doesn’t typically break out sales by country, hasn’t given an amount for its entire China business.China’s Global Times newspaper tweeted on Sunday about the likely blacklisting.FedEx apologized last month for delivery mistakes on the two diverted Huawei packages.The company is suing the U.S. Commerce Department to block enforcement of tougher restrictions on exports and imports, saying the curbs force it “to police the contents” of millions of packages.The global courier, scheduled to report quarterly earnings Tuesday afternoon, says it’s being made to choose between operating under the threat of U.S. punishment and facing potential legal trouble from customers and foreign governments.(Updates with FedEx U.S.-China sales in eighth paragraph.)\--With assistance from Yan Zhang and Miao Han.To contact Bloomberg News staff for this story: Steven Yang in Beijing at email@example.comTo contact the editors responsible for this story: Ville Heiskanen at firstname.lastname@example.org, Tony RobinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The situation that put FedEx in dutch with China is now going to court. FedEx Corp. filed a complaint June 24 in the United States District Court for the District of Columbia, seeking an injunction against the U.S. Department of Commerce for its regulations against shipping packages prohibited by the Export Administration Regulations (EAR). FedEx has been ensnarled by EAR-related controversies twice in the past month because of the U.S. ban on some shipping circumstances related to China-based Huawei, the world's largest telecom provider.
Still Waters One thing about the ocean... you just never know. Went to the beach on Sunday. I hang around beaches a lot, FYI. Summer, winter, balmy weather, nasty storms. Makes no difference. Sunday was a windy but nice day.
U.S. stock futures were pulled lower by Iran tensions and trade worries on Tuesday, with investors focusing on Federal Reserve officials for more clarity on interest rates. In a dramatic and unprecedented move, President Donald Trump on Monday imposed new sanctions on Iran's supreme leader and foreign minister, a decision Tehran said closed the path to diplomacy between the countries.
U.S. stock futures declined on Tuesday as investors were taking a defensive stance on risk ahead of this weekend's G-20 summit in Japan. With Donald Trump announcing a new set of sanctions on Iran, and U.S. officials downplaying expectations for a breakthrough in talks with Beijing from the upcoming G-20 meeting with China's Xi Jinping, investors appeared unwilling to reach for risk in the absence of headline drivers on trade or central bank support. Powell will be interviewed by New York Times senior economics correspondent Neil Irwin at the Council on Foreign Relations in New York at 1 p.m. ET.
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.The U.S. blacklisting of Huawei Technologies Co. and other top Chinese tech companies is making it trickier for some mobile industry professionals to get down to business.The June 26-28 Mobile World Congress Shanghai, China’s largest forum for the mobile industry, is scheduled to start amid almost daily salvos from the Trump administration aimed at Huawei and other technology companies in the world’s largest mobile phone market.The Trump administration’s blacklisting of Huawei has dominated global industry discussions in past months, as it threatens to upend supply chains and disrupt the global roll out of fifth-generation technology -- an infrastructure spending spree worth hundreds of billions of dollars. U.S.-Chinese tensions are escalating just as carriers around the world such as China Mobile Ltd. and China Telecom Corp. -- set as keynote speakers at MWC Shanghai -- choose equipment vendors for the 5G networks expected to support technologies from remote surgery to automated factories and driverless cars.“It’s quite a sensitive moment,’’ said William Chou, managing partner of Deloitte Private in Beijing, and a scheduled speaker at the conference’s key Global Device Summit session. He said it’s unlikely Huawei and ZTE will want to show off all their latest devices at MWC Shanghai given how the perception that they are ahead of global rivals has fueled tension.The focus will instead be on 5G applications and how the vastness of China’s market is likely to drive development, Chou said.“We really need to understand the market, putting aside the political agenda,” said Chou. “Business is still business, and particularly in this telco area -- telcos and device manufacturers -- they all need to work together.”The Shanghai event is modeled after a bigger annual industry show in Barcelona. This year’s gathering in Spain was also squarely focused on Huawei and China, a nod to the country’s rising global importance and to how the Washington-Beijing dispute is creasing the business environment.“The danger for international companies, especially American companies, is that they are ceding these opportunities to influence the marketplace to non-American companies, which can have knock-on consequences that could be far greater than some had anticipated,’’ said Jake Saunders, a vice president at ABI Research, and a scheduled speaker and moderator at the conference.A two-hour flight away in Osaka, Huawei is also likely to be on the agenda for a meeting between the presidents of China and the U.S. at the G-20 summit.Last week, President Donald Trump said he had a “very good telephone conversation” with President Xi Jinping and said talks will resume before the two meet at the June 28-29 summit. It’s not clear if Huawei was part of their call, but it’s an issue Trump himself has said could be on the table.Trump last year reversed a similar ban on Huawei rival ZTE at Xi’s request. Getting that kind of result now would be significant for Xi because the company is exponentially more important than ZTE, said Samm Sacks, cybersecurity policy and China digital economy fellow at New America.People familiar with the matter on Tuesday said China is considering adding U.S.-based delivery firm FedEx Corp. to its list of so-called unreliable entities. FedEx drew the ire of Chinese officials after Huawei said that documents it asked to be shipped from Japan to China were instead diverted to the U.S. without authorization.What Bloomberg Intelligence says:“China’s early, widespread 5G deployment would entitle it to the spoils of first-mover advantage, including an edge in setting global standards. An aggressive infrastructure and network build-out will be required for a swift rollout, fueling demand for telecom site resources and equipment.”--Denise Wong, BI Infrastructure analyst--Click here for the researchHuawei itself will be out in force at the Shanghai show, based on the lineup at the MWC website this week. Deputy Chairman Ken Hu is scheduled to deliver a keynote and the speaker’s list includes 17 names from the company, including Chaobin Yang, president of Huawei’s 5G product line; Kevin Ho, president of handsets, and Hua Liang, chairman of the Huawei board.As delegates and speakers head to Shanghai, Huawei is said to be preparing for smartphone shipments outside China to drop by between 40 million and 60 million this year. That outlook highlights the uncertainty gripping the company, a Chinese national champion accused by the U.S. of aiding Beijing in espionage -- something Huawei has repeatedly denied.Still, the Shanghai show is on track as planned to draw more than 60,000 attendees from over 110 countries and territories along with about 550 companies, GSMA, the industry group that produces the event, said in an email.Stockholm-based Ericsson AB, a key 5G equipment supplier, is scheduled to field 11 speakers at the event, including Chief Executive Officer Borje Ekholm and Chief Technology Officer Erik Ekudden. Nokia Oyj, another top gear manufacturer, has eight speakers listed on the program website.(Updates with possibility FedEx would be added to China’s list of unreliable entities in 11th paragraph. The date of the show was corrected in a previous version of this story.)To contact the reporter on this story: Dave McCombs in Tokyo at email@example.comTo contact the editors responsible for this story: Sam Nagarajan at firstname.lastname@example.org, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FedEx (NYSE: FDX ) announces its next round of earnings this Tuesday, June 25. Here is Benzinga's everything-that-matters guide for the Q4 earnings announcement. Earnings and Revenue Analysts predict FedEx ...
The S&P; 500 inched down 5 points, or 0.2%, by 9:59 AM ET (13:59 GMT). The Dow fell 51 points, or 0.2%, and the tech-heavy Nasdaq composite slumped 21 points, or 0.3%.
Amazon has been pushing more into the delivery business and promising ever-faster shipping. That led FedEx to break with the tech giant earlier this month.
STOCKSTOWATCHTODAY BLOG Three numbers to start your day: 20 Advanced And Emerging Economies Are Gathering —for the G-20 summit in Japan this week. If last week was all about the Fed decision, this week will be all about the G-20 meeting.