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☆ FedEx profit falls on lower e-commerce demand
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - FedEx (FDX.N) on Tuesday reported a fall in quarterly adjusted profit after a bigger-than-expected drop in e-commerce delivery demand offset its $4 billion cost-cutting plan aimed at sheltering margins. The deflating e-commerce delivery bubble, recession risks and pressure from an activist investor pushed Tennessee-based FedEx to begin slashing fixed costs in a bid to protect margins. While the global shipping downturn has been a margin drag for most operators in the sector, FedEx also faces a balancing act of matching costs and capacity with waning demand. The company posted an adjusted profit of $4.94 per share for the fourth quarter ended May 31, compared with $6.87 per share a year earlier. Reporting by Priyamvada C in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada, Devika Organizations: FedEx, Thomson Locations: Tennessee, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

[1/2] A view of signage at a FedEx Ground distribution center in Carson, California, U.S., September 16, 2022. REUTERS/Bing Guan/File PhotoLOS ANGELES, June 20 (Reuters) - FedEx (FDX.N) on Tuesday said it will merge its contractor-based Ground delivery operations in Canada into its company-operated Express unit and convert contractors into employees. FedEx made a similar change in the U.S. states of Alaska and Hawaii last year. Still, the company said there will be U.S. markets where packages shift from Express to Ground, its outsourced delivery arm. In those cases, the company said it would continue to use delivery contractors as part of its "hybrid" worker model.

Persons: Bing Guan, D.E, Shaw, Lisa Baertlein, Leslie Adler, Lisa Shumaker Organizations: FedEx, REUTERS, United Parcel Service, Company, Thomson Locations: Carson , California, U.S, Canada, Alaska, Hawaii, Memphis , Tennessee, Los Angeles

☆ FedEx Quarterly Sales Fall 10% as Shipping Struggles Continue
▼ + stars: | 2023-06-20 | by ( Ben Glickman | Esther Fung | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: fedex

Spokespeople for Micron and the Indian government, including its technology ministry, did not respond to requests for comment. A senior Biden administration official said the White House was "encouraged" by the number of U.S. firms considering India investments. An Indian industry source familiar with Micron's approvals said the so-called Assembly Testing Marking and Packaging will be built in the city of Sanand. Micron could procure and package chip for clients at the plant, or other companies could send their chips for testing before shipping. The source added that Micron's India plant would boost Modi's vision of making India a semiconductor base but true success would require actual manufacturing.

Persons: Narendra Modi's, Modi, Biden, Aditya Kalra, Aftab Ahmed, Trevor Hunnicutt, Conor Humphries, David Goodman Organizations: chipmaker Micron, U.S, Micron, FedEx, MasterCard, House, White House, Reuters, Biden, United, U.S . Commerce Department, Thomson Locations: India, DELHI, WASHINGTON, Gujarat, China, Sanand

☆ FedEx can get away with raising prices because it carries 'high-value items', says Donald Broughton
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFedEx can get away with raising prices because it carries 'high-value items', says Donald BroughtonDonald Broughton, Broughton Capital founder, joins 'Closing Bell Overtime' with reaction to FedEx earnings, the stocks reaction, and the competitive shipping landscape.

Persons: Donald Broughton Donald Broughton Organizations: FedEx, Broughton Capital

☆ Stock futures are little changed Tuesday night as market rally falters: Live updates
▼ + stars: | 2023-06-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

U.S. stock futures were near flat on Tuesday evening as investors took a breather from last week's market rally. S&P 500 futures inched down by 0.06% and Nasdaq 100 futures lost 0.03%. The S&P 500 slid 0.47%, and the Nasdaq Composite lost 0.16%. Stocks are overbought and in need of a catalyst, according to Quincy Krosby, chief global strategist for LPL Financial. Indeed, last week the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive week.

Persons: Quincy Krosby, Jerome Powell, Powell, Krosby, Winnebago Organizations: New York Stock Exchange, Dow Jones, Nasdaq, FedEx, Dow, LPL, U.S, Home, Financial Locations: New York City . U.S, Quincy

☆ Housing market inventory keeps declining and that's bad news for homebuyers
▼ + stars: | 2023-06-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

We're revisiting housing inventory today because it's one of the key sticking points that's keeping home prices elevated and buyers wary. Get this: The housing market today has 39% fewer homes for sale than before the pandemic. Mortgage rates are currently about double what they were in 2021, when ultra-low rates fueled a home-buying boom. That could help influence mortgage rates to go even higher this year. People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future."

Persons: I'm Phil Rosen, Jerome Powell, Joe Raedle, There's, Powell, Redfin's Chen Zhao, Edward Seiler, Tweet, JIM WATSON, Morgan Stanley, Steve Eisman, Larry Summers, Richard Branson's, Phil Rosen, Max Adams, Hallam Bullock Organizations: realtors, Mortgage Bankers Association, US, Getty, Fed, FedEx, Nvidia, Bloomberg, Treasury, Virgin Galactic Locations: homebuilding, New York, London

☆ Morning Bid: US housing rebound, China prime cuts
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

The main macroeconomic news overnight was a rather underwhelming Chinese rate cut that seemed to disappoint the local stock and currency markets, both of which fell. The People's Bank of China cut two benchmark lending rates - its one-year and five-year loan prime rates - by 10 basis points each. With Goldman Sachs on Monday the latest to cut China growth forecasts for this year and next, nerves about the economy's trajectory are rising again. The big U.S. data input this week is from the housing sector, where signs of some recovery are reinforcing 'soft landing' hopes for the wider economy. On Monday, the NAHB's house market sentiment index rose in June to its highest in almost a year and far above forecasts.

Persons: Mike Dolan, Goldman Sachs, Xi Jinping, Antony Blinken, Joe Biden, what's, BOE, Jerome Powell, Michael Barr, John Williams, St Louis, James Bullard, Narendra Modi, Susan Fenton Organizations: Nasdaq, People's Bank of China, Washington, China's, of, Global, Bank of, Federal Reserve, FedEx, Philadelphia Fed, Federal, New York Fed, St, St Louis Fed, Indian, United States Reuters Graphics Reuters, Thomson Locations: U.S, China, Xi, Europe, Britain, Switzerland, Norway, Turkey, Bank, Bank of England, United

☆ Top tech execs get ready to meet Modi as China's economy falters
▼ + stars: | 2023-06-20 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

Indian Prime Minister Narendra Modi waves to supporters as he arrives at the Lotte New York Palace hotel in New York City, June 20, 2023. As China's economy falters, top U.S. corporate executives are making it a priority to meet Prime Minister Narendra Modi during his state visit to the White House, including Thursday's dinner. The administration is going all out to give the prime minister a close-to-royal welcome," Frank Wisner, former U.S. ambassador to India, told CNBC. China is one of the agenda items when Modi meets with Biden and U.S. executives Thursday and Friday. With China's economy decelerating and political tensions high, corporate America has taken steps to diversify away from the country.

Persons: Narendra Modi, Tim Cook, Sundar Pichai, Satya Nadella, Raj Subramaniam, Frank Wisner, Tony Capuano, Cummins, Jennifer Rumsey, Safiya Ghori, Ahmad, Atomics, Antony Blinken, Xi Jinping, Modi, Biden, Wisner, Elon Musk Organizations: Indian, Lotte New, Lotte New York Palace, White, Apple, Microsoft, FedEx, White House, CNBC, Marriott, Electric, Hindustan Aeronautics, Atlantic Council, Senate Foreign Relations Committee, U.S, Modi, Tesla Locations: Lotte New York, New York City, India, New Delhi, U.S, Delhi, China, America

☆ Stock futures inch lower as investors kick off holiday-shortened week of trading: Live updates
▼ + stars: | 2023-06-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures ticked lower on Monday evening as investors looked ahead to a holiday-shortened week of trading. Futures tied to the Dow Jones Industrial Average slipped 93 points, or 0.3%, while S&P 500 futures pulled back 0.2%. Investors were seemingly receptive toward the central bank's decision to skip a June rate hike last week. Investors are trying to gauge how last week's strong market sentiment will hold up in a shortened trading week that is light on economic data. New York Fed President John Williams will appear with Fed Vice Chair for Supervision Michael Barr at a corporate governance event in New York City on Tuesday.

Persons: —, Jerome Powell, John Williams, Michael Barr, Powell Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Federal, Fed, Housing, New York Fed, FedEx Locations: New York City

☆ What is open on Juneteenth 2023?
▼ + stars: | 2023-06-18 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Almost 40% of US employers now provide Juneteenth as a paid holiday, a significant increase from just 9% two years ago, according to data from HR consulting firm Mercer. It became a federal holiday in 2021, after President Joe Biden signed the Juneteenth National Independence Day Act. Here is what’s open and closed on Juneteenth 2023. TD Bank, which remained open last Juneteenth, will also be closed on Monday. RetailersMost major retailers and grocery stores will be open on Juneteenth.

Persons: Mercer, Juneteenth, Joe Biden, Gordon Granger, —, Abraham Lincoln, Brandon Bell, Wells, Patrick T, Fallon Organizations: New, New York CNN, Union Army, Communities, United States Post, FedEx, UPS, Federal Reserve, Bank of America, Chase, TD Bank, Getty, Nasdaq, New York Stock Exchange, Juneteenth ., Pew, Walmart, Target Locations: New York, Galveston , Texas, United States, Houston , Texas, Rolling Hills Estates , California, AFP

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). As someone who only has one personal credit card, I was nervous about applying for a new credit card and wanted to make sure it was something I really needed. After seeing how complicated I was making my finances and bookkeeping by charging business items to my personal credit card, I decided it was time to get a business credit card and opened up the Capital One Spark Miles for Business. But in addition to being able to use credit card rewards for free travel, my business card also helped me save money over the years in other ways. Over the years, I've found myself using several different insurance coverages that come with my business credit card.

Persons: —, I've, That's Organizations: Service, Business, Chevron, Capital, FedEx

☆ What the potential UPS strike could mean for your packages
▼ + stars: | 2023-06-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —A UPS strike by 185,000 workers 25 years ago brought the logistics giant’s operations to a standstill. Striking employees of UPS in Chicago in 1997, the last major UPS work stoppage. In a worst case scenario, a longer-term UPS strike could cause major disruptions to the US supply chain network. UPS and the Teamsters' union contract expires August 1. Small and medium-sized businesses lower in the pecking order than big-box chains would see the most delays from a lengthy strike, logistics experts say.

Persons: Jeff Haynes, ”, Cathy Roberson, Richard Drew, ” Roberson, Pitney Bowes, John Haber, “, Carol Tome, Sean O’Brien, ” O’Brien, Alan Amling Organizations: New, New York CNN, UPS, US Postal Service, FedEx, Teamsters, Getty, Logistics, Walmart, Target, ”, Transportation Insight Holding Company, CNN, University of Tennessee’s, Chain Institute, “ Locations: New York, United States, Chicago, AFP

☆ Street looks to extend rally into a holiday-shortened week that is light on data
▼ + stars: | 2023-06-17 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Also on tap are several speaking engagements for Federal Reserve members, including Chair Jerome Powell on Wednesday and Thursday in his semiannual monetary policy report to Congress. ET: St. Louis Fed president Jim Bullard speaks 8:30 a.m. ET: Federal Reserve Chairman Jerome Powell speaks 12:25 am. ET: Federal Reserve Chairman Jerome Powell speaks 10:00 a.m. Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.

Persons: Jerome Powell, Louis, Jim Bullard, John Williams, Austan Goolsbee, Loretta Mester, Tom Barkin, Friday's, Jim Cramer's, Jim Cramer, Jim, Mandel Ngan Organizations: Federal Reserve, Darden, FedEx, Louis Fed, Housing, NY Fed, Federal, Chicago Fed, Patterson Companies, Winnebago Industries, Algoma Steel, Cleveland Fed, Richmond Fed, Commercial Metals, U.S, Treasury, Jim Cramer's Charitable, CNBC, AFP, Getty Locations: United States, Olive, Washington ,

LOS ANGELES, June 16 (Reuters) - United Parcel Service (UPS) (UPS.N) union employees have voted overwhelmingly to authorize a strike should contract talks break down after the current agreement ends in two weeks, the International Brotherhood of Teamsters said on Friday. The vote is a standard practice in union contract campaigns designed to give leverage to the union representing some 340,000 UPS workers. Tancredi, a partner at consultancy West Monroe, said interdependence between the Teamsters and UPS reduces strike risk. "They get what they pay for," Schreiner said of UPS adding that company delivery drivers, who make about $150,000 annually including base pay and benefits before overtime, "earn it." UPS shares fell as much as 1.5% after the news but quickly pared losses to trade down 0.6% in midday trade.

Persons: Sean O'Brien, Jeremy Tancredi, Tancredi, Rikki Schreiner, Schreiner, Lisa Baertlein, Shivansh, Jamie Freed Organizations: United Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, West, Reuters, FedEx, Thomson Locations: ANGELES, West Monroe, Eagan , Minnesota, Los Angeles, Bangalore

☆ UPS workers vote to authorize strike while cheering unexpected progress on heat safety
▼ + stars: | 2023-06-16 | by ( Adiel Kaplan | J.J. Mccorvey | ) www.cnbc.com time to read: +7 min

UPS acknowledged the vote outcome and noted that Friday's strike authorization doesn't automatically trigger a work stoppage. While many union members at UPS cast their votes on the strike authorization before the heat safety deal was announced, some drivers said afterward that other big priorities remain. Heat safety experts praised the preliminary agreement on air conditioning but cautioned that addressing the threat of extreme temperatures would take time. Seth Harris, a law and policy professor at Northeastern University who served as President Joe Biden's top labor policy adviser, said progress on heat safety at UPS could have broader ripple effects. Already, though, the concessions have jolted UPS workers and their allies with a dose of optimism.

Persons: Sean O'Brien, Zakk Luttrell, We've, it's, Luttrell, Amit Mehrotra, Mehrotra, Juley Fulcher, Fulcher, —, Seth Harris, Joe Biden's, Theresa Klenk, Klenk, — Annie Probert Organizations: Teamsters, UPS, NBC, Occupational Safety, Health Administration, Deutsche Bank, Logistics, FedEx, U.S . Postal, Public Citizen, Northeastern University, New, New Jersey UPS Locations: New Jersey

☆ Wall Street prepares for more gains this month after past week's breakout
▼ + stars: | 2023-06-16 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

For now, it's not a brighter economic picture or an exuberant earnings outlook pushing stocks higher. Another reason that some investors have come back to stocks is simply because the S & P 500 ended the week more than 23% above last October's low. "The next level of resistance is above 4,500 on the S & P. Historically, the market gains 14.5% on average between the 20% threshold level and the next decline of 5% or more. "Inflation peaked in June of last year and has been rapidly declining over the past 12 months. Trading the week after is often treacherous, Hirsch said, with the Dow Jones Industrials falling in 27 of the past 33 years and the S & P 500 down in 23 of 33 years.

Persons: it's, Sam Stovall, Clinton, Wells Fargo, Chris Harvey, Harvey, Jay Hatfield, Price, CarMax, Stovall, Jeffrey Hirsch, Hirsch, Dow Jones Industrials, York Fed's John Williams, Jerome Powell, Philip Jefferson, Lisa Cook, Adriana Kugler, Avid Bioservices, Patterson Cos, Christopher Waller, Michael Bloom, Fred Imbert, Alex Harring Organizations: Fed, CFRA, Microsoft, Infrastructure Capital Management, Consumer, PPI, FedEx, Darden, Dow, Housing, Financial, Enerpac, Avid, Banking, Accenture, Commercial Metals, P, PMI Locations: New York, York, Dublin

☆ Wait for a price break next week while the market's overbought, Jim Cramer says
▼ + stars: | 2023-06-16 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday provided his game plan for the week ahead, encouraging investors to cool their heels while the market is so overbought. "I think it's going to be worth your while to wait for a price break before you pull the trigger," Cramer said. While the market is closed on Monday for Juneteenth, Cramer will be looking at Raytheon's performance at the Paris air show. On Thursday, Cramer will be focused on Olive Garden parent Darden 's earnings report, as well as investor meetings from software companies Samsara and MongoDB . Cramer thinks CarMax 's Friday earnings report will show that used car prices are coming down, which he said is a good sign for the company.

Persons: CNBC's Jim Cramer, Cramer, Juneteenth, He's, Raj Subramaniam, Darden, CarMax, I'm Organizations: FedEx, Olive Garden Locations: Paris

☆ China e-commerce shipments would lose US tariff exemption under proposed law
▼ + stars: | 2023-06-14 | by ( Katherine Masters | ) www.reuters.com time to read: +2 min

The bill would ban such shipments from China immediately upon enactment, sponsor Republican Senator Bill Cassidy said. Ecommerce sellers such as China-founded, Singapore-based Shein and Temu, a rival owned by PDD Holdings Inc (PDD.O) that operates the Chinese ecommerce site Pinduoduo, are big beneficiaries of the exemption. De minimis shipments have drawn attention at least since 2019, when the U.S. Consumer Product Safety Commission reported it struggled to catch unsafe imports because of the heavy volume of low-value packages. Such shipments rose to 685.5 million in 2022 compared with 410.5 million in 2018, U.S. customs data showed. Under the bill, countries other than China and Russia could keep the exemption by adopting the $800 threshold for their own tariff-free imports.

Persons: Dado Ruvic, Bill Cassidy, minimis, Temu, De, J.D, Vance, Tammy Baldwin, Earl Blumenauer, Katherine Masters, Cynthia Osterman Organizations: REUTERS, PDD Holdings, U.S . Consumer Product Safety, Democratic, FedEx, UPS, DHL, Thomson Locations: U.S, China, Singapore, Xingiang, Xinjiang, Russia

☆ China e-commerce shipments would lose U.S. tariff exemption under proposed law
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: +2 min

A bipartisan group of U.S. lawmakers planned to introduce a bill on Wednesday to eliminate a tariff exemption widely used by e-commerce sellers to send orders from China to U.S. shoppers, one of the sponsors said. The bill would ban such shipments from China immediately upon enactment, sponsor Republican Senator Bill Cassidy said. E-commerce sellers such as China-founded, Singapore-based Shein and Temu, a rival owned by PDD Holdings that operates the Chinese ecommerce site Pinduoduo, are big beneficiaries of the exemption. De minimis shipments have drawn attention at least since 2019, when the U.S. Consumer Product Safety Commission reported it struggled to catch unsafe imports because of the heavy volume of low-value packages. Under the bill, countries other than China and Russia could keep the exemption by adopting the $800 threshold for their own tariff-free imports.

Persons: Bill Cassidy, Temu, De, J.D, Vance, Tammy Baldwin, Earl Blumenauer Organizations: PDD Holdings, U.S . Consumer Product Safety, Democratic, FedEx, UPS, DHL Locations: Washington ,, U.S, China, Singapore, Xingiang, Xinjiang, Russia

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, SoFi, ServiceNow, Meta, Netflix, Splunk and more
▼ + stars: | 2023-06-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +12 min

Piper Sandler initiates Domino's as overweight Piper said it sees an attractive risk/reward for Domino's shares. Piper Sandler reiterates Meta as outperform Piper Sandler raised its price target on the stock to $310 per share from $270 and said ad spend is "holding up." Citi downgrades Logitech to neutral from buy Citi downgraded the stock due to the unexpected departure of CEO Bracken Darrell. Citi reiterates Accenture as buy Citi said the Dublin-based IT company is an AI beneficiary. Piper Sandler initiates Bentley Systems as overweight Piper said the company is a "high quality industrial software franchise operating with scale."

Persons: Piper Sandler, Piper, Wolfe, it's bullish, Bernstein, Gordon Haskett downgrades, Gordon Haskett, Needham, ServiceNow, Bracken Darrell, Guy Gecht, Raymond James, Dave, Buster's, Riley downgrades Cinemark, Riley, Li, Morgan Stanley, Tesla, Splunk, TD Cowen, Wingstop, Cowen, it's, Estée Lauder, Berenberg, Roth, Morgan, Bud Light Organizations: Barclays, Netflix, FedEx, Apple, TAM, Citi, Logitech, Materials, SVB Securities, PayPal, Linde, LIN, Bank of America, Oculis, Dave, Cinemark Holdings, Inc, Accenture, IT Services, Li Auto Citi, China, Li, SSS, Bentley Systems, Photonics, Technologies, AMD Data Center, JPMorgan, DG, Anheuser, Busch InBev, Molson Coors, & $ Locations: 3Q22, 4Q22, 2H23, Latin America, Dublin, Bergamo

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Ulta, FedEx, Roblox, Netflix, Oracle & more
▼ + stars: | 2023-06-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs upgrades Devon Energy to buy from neutral Goldman said the energy company's valuation is attractive. Morgan Stanley initiates BAE Systems as buy Morgan Stanley said the aerospace and defense company has an "attractive capital deployment policy." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it expects Tesla to build a "full-scale captive financing subsidiary as the market matures." Morgan Stanley upgrades Urban Outfitters to overweight from equal weight Morgan Stanley said in its upgrade of the stock that it has an attractive valuation. Goldman Sachs reiterates FedEx as buy Goldman said it's standing by its buy rating on FedEx heading into earnings next week.

Persons: it's bullish, Goldman Sachs, Goldman, Salesforce, Piper Sandler, Piper, AIZ, Morgan Stanley, Canaccord, Roblox, Stone, Tesla Organizations: Bank of America, Netflix, Devon Energy, PayPal, JPMorgan, Deutsche Bank, Deutsche, BAE Systems, HSBC, Stone, Urban, Oracle, FedEx, UBS, Apple Locations: Devon

☆ A massive UPS strike could devastate the economy. It could be just eight weeks away
▼ + stars: | 2023-06-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The Teamsters union is holding a vote right now among more than 330,000 members to authorize a strike against UPS. If UPS workers strike, it would be the largest single-employer strike in US history. UPS (UPS) is simply too big – delivering an average of 17 million domestic packages a day – to have all the packages it handles moved by competitors. The strike vote being conducted through July 16 is likely to pass overwhelmingly, as virtually all such votes do. If a deal is reached, but a majority vote against it, there will still be a strike this time.

Persons: couldn’t, Sean O’Brien, ”, Carol Tome, it’s, O’Brien, “, James Hoffa, Hoffa, ” O’Brien Organizations: New, New York CNN, Teamsters, UPS, United, FedEx, US Postal Service, CNN, ” Union, Teamster, Deutsche Bank Locations: New York, United States

☆ America has lost half its public companies since the 1990s. Here’s why
▼ + stars: | 2023-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why it matters: The count of publicly listed companies traded on US exchanges has fallen substantially from its peak in 1996. It’s not that America has half as many companies as 30 years ago – it’s that companies are increasingly staying private, largely outside the scrutiny of the public eye. Publicly listed companies are subject to regulatory oversight and disclosure requirements, which help ensure transparency and maintain investor confidence. “I think it’s natural that companies would delay going public when valuations get halved and investors are not enthusiastic about investing in new companies,” said Kennedy. Some private equity funds have even taken advantage of the bear market to buy up publicly traded companies.

Persons: Matthew Kennedy, “, ”, Kennedy, Torsten Slok, Janet Yellen, Matt Egan, Yellen, Antony Blinken, Elon Musk, Laxman Narasimhan, Jamie Dimon Organizations: CNN Business, Bell, New York CNN, Center for Research, Renaissance, Apple, Microsoft, Party, Apollo Global Management, “ Companies, Wells, China, CNN, China Business Council, FedEx, Pepsi, Walmart, Ford, JPMorgan Chase, America ., Marshall Locations: New York, America, Wells Fargo, United States, China, Washington, Beijing

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