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☆ European shares eye upbeat end to week on banks, healthcare boost
▼ + stars: | 2022-12-23 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 rises 0.2%Banks, healthcare firms gainBavarian Nordic at the top of STOXX 600Italian business morale rises in DecemberDec 23 (Reuters) - Europe's STOXX 600 edged higher on Friday, with gains in healthcare firms and banks putting the index on course to end the last week before Christmas on an upbeat note. The region-wide STOXX 600 (.STOXX) rose 0.2% at 0915 GMT and was bound for a 0.8% weekly advance. Morale amongst Italian businesses and consumers rose in December, data showed on Friday, although the manufacturing sector was more downbeat. On the economic data front, a report showed Spain's economy expanded 0.1% in the third quarter, slowing from a 2.0% growth rate in the previous three-month period. Among STOXX 600 sectors, shares of retailers (.SXRP) rose 0.6% to lead gains.

☆ Futures muted after Wall St rally, economic data on tap
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.07%, Nasdaq 0.07%Dec 22 (Reuters) - U.S. stock futures were subdued on Thursday after Wall Street's main indexes staged a rally in the previous session, with investors awaiting jobs data to assess the strength of the labor market. It is expected to show gross domestic product increased at a 2.9% annualized rate, in line with the previous estimate. ET, Dow e-minis were down 32 points, or 0.1%, S&P 500 e-minis were down 2.75 points, or 0.07%, and Nasdaq 100 e-minis were down 7.75 points, or 0.07%. Micron Technology Inc (MU.O) slipped 3% in premarket trading after the chipmaker forecast a bigger-than-expected second-quarter loss. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. Also, U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis referring to Nike and FedEx. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. On U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion average for the last 20 sessions.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St Louis referring to Nike and FedEx. The smallest gainer among the sectors was consumer staples (.SPLRCS) but it was still up 1%. The S&P 500 posted 5 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 211 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, NY, U.S., April 30, 2018. The MSCI All-World index (.MIWD00000PUS) rose about 1.1% on the day, although it is on track for a more than 3% decline in December. This year, the index is set to have fallen for eight out of 12 months, on a par only with 2008 for the number of monthly losses in a calendar year on record. In Europe, shares more than recovered the previous day's 0.4% drop, helped in part by a rally in sportswear stocks. Citi analysts said the calm in equity markets might not last, and thin, year-end trading could lead to volatility.

U.S. consumer confidence rebounded in December as inflation retreated and the labor market remained strong, while 12-month inflation expectations fell to 6.7%, the lowest since September last year. Nike Inc (NKE.N) jumped 13.7% after reporting its best quarterly revenue growth in more than a decade, barring one quarter, and beat profit expectations on strong holiday demand from North American shoppers. Consumer discretionary stocks (.SPLRCD) led gains among the major S&P 500 (.SPX) sectoral indexes, while financial shares (.SPSY) also gained. Nike peers Lululemon Athletica Inc (LULU.O), Under Armour Inc (UAA.N) and Vans sneaker maker VF Corp (VFC.N) rose between 1.3% and 2.8%. Energy stocks (.SPNY) also rose tracking higher oil prices after data suggested a larger-than-expected draw in U.S. crude stockpiles.

The MSCI All-World index (.MIWD00000PUS) rose 0.67% on the day, although it is on track for a nearly 4% decline in December. This year, the index is set to have fallen for eight out of 12 months, on a par only with 2008 for the number of monthly losses in a calendar year on record. They were boosted by stronger than expected earnings at sportswear giant Nike NKE.N and delivery behemoth FedEx Corp FDX.N. In Europe, shares more than recovered the previous day's 0.4% drop, helped in part by a rally in sportswear stocks. Citi analysts said the calm in equity markets might not last, and thin, year-end trading could lead to volatility.

☆ Wall Street eyes higher open on strong Nike earnings
▼ + stars: | 2022-12-21 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike jumps on strong second-quarter resultsFedEx soars on cost-cutting planConsumer confidence, home sales data due at 10 a.m. Wall Street's main indexes closed slightly higher on Tuesday, following early losses as Treasury yields jumped after the Bank of Japan's surprise monetary policy tweak. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities since its policy meeting last week, despite signs of cooling inflation. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. Market volumes are expected to decline this week before the Christmas and New Year holidays amid low participation.

☆ Futures rise as Nike posts strong quarter, consumer confidence data on tap
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

"We had some better news from the likes of Nike yesterday, which suggested that consumer sentiment and spending was holding up," said Stuart Cole, head macro economist at Equiti Capital. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. ET, Dow e-minis were up 233 points, or 0.7%, S&P 500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis were up 47 points, or 0.42%. Market volumes are expected to decline this week before the Christmas and New Year holidays. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Fears about the Federal Reserve's plan to keep raising U.S. interest rates have weighed heavily on equities since its policy meeting last week. Among the S&P 500's 11 major sectors, the energy index (.SPNY) gained most, finishing up 1.52% as crude oil prices rose. Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 399 new lows. On U.S. exchanges 10.52 billion shares changed hands, compared with the 11.15 billion average for the last 20 trading days.

☆ FedEx promises more aggressive cost cuts, shares rise
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - FedEx Corp (FDX.N) announced an additional $1 billion in cost cuts after quarterly profit dropped sharply in the latest quarter, when softer-than-expected demand outpaced the delivery giant's efforts to shelter profits by slashing costs. Memphis, Tennessee-based FedEx said adjusted profit fell to $815 million, or $3.18 per share, from $1.3 billion, or $4.83 per share, for the fiscal second quarter ended Nov. 30 compared to the same period a year previous. Per-share earnings beat analysts' estimates by 36 cents per share, according to Refinitiv I/B/E/S Estimates, while revenue came in $22.8 billion - below their target of $23.74 billion. With the expense reductions, FedEx now expects fiscal 2023 cost savings of $3.7 billion. Reporting by Lisa Baertlein in Los AngelesOur Standards: The Thomson Reuters Trust Principles.

☆ FedEx Earnings Fall as Package Shipments Decline Again
▼ + stars: | 2022-12-20 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

FedEx said profit dropped 24% and revenue fell 3% to $22.8 billion in the latest quarter. FedEx Corp. said it continues to encounter weak demand for packages, resulting in another quarter of lower profit and fresh plans to cut more costs from its operations. FedEx spooked investors in September when it warned that a slowing global economy had led to lower volumes of packages moving around the world. FedEx shares plunged and the company said it would park planes, suspend some Sunday delivery and look to slash costs.

Dec 20 (Reuters) - FedEx Corp (FDX.N) will slash an additional $1 billion in costs as recession threatens and the COVID-19 pandemic demand bubble deflates, the delivery company said on Tuesday. Shares rose 3.7% to $170.48 in extended trading after Memphis, Tennessee-based FedEx also reported a bigger fiscal second-quarter profit than Wall street expected. The global delivery company angered investors and analysts in September when it yanked its forecast, triggering the biggest one-day stock drop in company history. FedEx warned in November that U.S. volume in the year-end quarter was below company projections as the pandemic-driven e-commerce bubble deflated. On Tuesday, FedEx said second-quarter adjusted profit fell to $815 million, or $3.18 per share, from $1.3 billion, or $4.83 per share, a year earlier.

☆ Redis Names Former Five9 CEO to Head Database Startup
▼ + stars: | 2022-12-05 | by ( Belle Lin | ) www.wsj.com time to read: +4 min

Database startup Redis Ltd. has named Rowan Trollope its new chief executive officer, effective Feb. 1. Mr. Trollope was CEO of the cloud-based customer-service software firm Five9 Inc. until Nov. 28, and had served in the role since 2018. After Mr. Trollope’s departure, former Five9 CEO Mike Burkland returned to his previous post. At Redis, Mr. Trollope will succeed Ofer Bengal, who co-founded the startup with Yiftach Shoolman in 2011 and has served as CEO since its founding. Mr. Trollope led Five9 through its plans to merge with Zoom Video Communications Inc. in September of last year.

☆ GM's BrightDrop signs first customer in Canada, unveils country's first large EV factory
▼ + stars: | 2022-12-05 | by ( Lisa Baertlein | ) www.reuters.com time to read: +2 min

REUTERS/Carlos OsorioDec 5 (Reuters) - The first electric delivery trucks rolled off production lines at BrightDrop's new factory in Canada on Monday, when the upstart unit of General Motors Co (GM.N) also announced DHL Express Canada (DPWGn.DE) as its first customer outside the United States. GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada's first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. It already has delivered 150 electric trucks to package carrier FedEx Corp (FDX.N). Those companies and many others have set goals to replace gas-burning delivery trucks and service vehicles with zero-emissions alternatives over time. DHL Express Canada's new relationship with BrightDrop "will help bring us closer to that target," CEO Andrew Williams said.

☆ Uber, Aurora to expand self-driving truck ops in Texas to meet holiday rush
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Uber Technologies Inc (UBER.N) and self-driving technology company Aurora Innovation Inc (AUR.O) will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays. Uber Freight is a platform which connects shippers who need goods moved with available truck drivers. The companies launched their pilot program about a year ago to autonomously transport goods between Dallas and Houston. "We're crafting Aurora Horizon to help carriers of all sizes alleviate some of the supply-chain pressures that typically accompany (holiday season)," Aurora co-founder Sterling Anderson said. Aurora Innovation, which also counts FedEx Corp (FDX.N) and Toyota Motor Corp (7203.T) as partners, looks to launch the Aurora Driver self-driving platform at the end of 2024.

☆ Florida pulls $2 bln from BlackRock in largest anti-ESG divestment
▼ + stars: | 2022-12-01 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

This will allow them to hold hearings on ESG and grill the chief executives of BlackRock and other major assets managers about their ESG policies, and also pressure regulators to scrutinize them. Patronis accused BlackRock of focusing on ESG rather than higher returns for investors. U.S. Democratic officials have argued BlackRock doesn't press ESG concerns enough. read moreSo far, only Republican-controlled states have made major reallocations away from BlackRock, including $794 million pulled by Louisiana's treasurer read more and $500 million by Missouri's treasurer, both in October. Reporting by Ross Kerber in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Logistics Companies Are Diversifying Hiring, but Challenges Persist
▼ + stars: | 2022-11-28 | by ( Liz Young | ) www.wsj.com time to read: +8 min

Photo: Sarah Oden/Associated PressWomen and people of color are being hired into top roles in the logistics industry. United Parcel Service Inc. turned to Carol Tomé, a former finance chief at Home Depot Inc., in 2020 to become chief executive officer. Raj Subramaniam, who is from India, was chosen to succeed FedEx Corp. founder Fred Smith as chief executive earlier this year. Judy McReynolds has been chief executive of ArcBest Corp. , one of the largest trucking companies in the U.S., since 2010. Studies also show there is a big gap in pay across the logistics industry.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

Others have ground to a halt, sending companies back to technology that is less sci-fi, but can be deployed more quickly and cost-effectively. Some companies are satisfied their robots are doing the job. The perils of the outdoors are a big problem for delivery robots, in particular. Some people have also raised concerns that delivery robots could block wheelchair access on sidewalks or otherwise get in the way of humans, leading local authorities to limit or prohibit their use. Toronto, for example, last December banned delivery robots.

Nov 1 (Reuters) - FedEx Corp (FDX.N) said it would ask a federal judge in Texas to throw out or reduce a jury's $366 million damages award to a Black former employee who accused the company of disciplining and firing her after she complained about racial discrimination. In a regulatory filing on Tuesday, FedEx said it was expecting the Oct. 25 award by a Houston jury to Jennifer Harris of $1.16 million in compensatory damages and $365 million in punitive damages to be reduced. The package delivery company said that under U.S. Supreme Court precedent, punitive damages are normally capped at less than 10 times compensatory damages, with a multiple closer to one being appropriate when compensatory damages are substantial. FedEx said it believed any payout up to $75 million would be covered by insurance, subject to a $10 million retention. She said she later reported discrimination by her supervisor to FedEx's human resources department, leading to a letter complaining about her "unacceptable performance," a written warning, and her termination in January 2020.

☆ UPS beats profit estimates on higher parcel delivery prices
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday reported a stronger-than-expected quarterly adjusted profit and reaffirmed its full-year forecast as higher delivery prices helped offset softening e-commerce demand. Delivery firms such as UPS and FedEx Corp (FDX.N) have banked on higher-paying small businesses and enterprise customers to drive volumes and earnings in the wake of falling e-commerce demand and receding domestic volumes. Atlanta based UPS' shares were up about 1% in premarket trade as the company reaffirmed its full-year revenue forecast of about $102 billion and adjusted operating margin of around 13.7%. The world's largest parcel delivery firm's quarterly revenue of $24.2 billion missed analysts' estimates of $24.3 billion, as consolidated average daily package volumes declined 2.1% to 22.9 million in the quarter. UPS adjusted third-quarter profit rose to $2.99 per share beating Wall Street estimates of $2.84 per share.

☆ Prologis Signals Caution in Industrial-Property Development
▼ + stars: | 2022-10-19 | by ( Liz Young | Sabela Ojea | ) www.wsj.com time to read: +4 min

Warehouse supply remains tight compared with demand, but Prologis will make decisions on new sites on a “deal by deal” basis, he added. Prologis trimmed its plans for new development starts for this year to a range of $4.2 billion to $4.6 billion, from a projected range of $4.2 billion to $5 billion the prior quarter. Companies signed new leases for about 920 million square feet of warehouse space in 2021 compared with 619 million square feet in 2019, according to Cushman & Wakefield. Mr. Moghadam said Amazon hasn’t pulled out of any of its Prologis buildings or projects and the e-commerce company is taking on new space. He said e-commerce companies overall have been leasing new space to compete with Amazon’s sprawling network.

☆ Freight Operators’ Peak Shipping Season Is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +7 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.

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