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☆ Freight Operators’ Peak Shipping Season is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +6 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. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. 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.

☆ FedEx's reduced holiday forecast no surprise to skeptical contractors
▼ + stars: | 2022-10-11 | by ( Lisa Baertlein | ) www.reuters.com time to read: +5 min

Bush has delivered packages for FedEx Ground for 15 years, and in that time, he said, "they haven't had accurate projections." The updated holiday forecast will help ensure that contractors have appropriate resources for the peak delivery season while minimizing preparation costs, FedEx said in a statement. More than half the 20 contractors who spoke with Reuters for this story were not planning to bulk up operations to meet the company's original holiday forecast. Their previously unreported silent work action shows the distrust many Ground contractors have in company leadership. Last year, FedEx's overly bullish holiday forecast left many contractors with losses after they geared up with trucks and employees for a surge that failed to materialize.

Oct 10 (Reuters) - U.S. online holiday sales are expected to rise this year at their slowest pace since at least 2015, according to a report, as shoppers feel the brunt of decades-high inflation and soaring interest rates. Adobe Analytics forecast online sales in November and December to rise 2.5% to $209.7 billion, compared with an 8.6% increase a year ago, as more people also return to in-store shopping and bring forward purchases to as early as October. This is another sign of a gloomy holiday season, with FedEx Corp's (FDX.N) Ground division expecting to lower volume forecasts to reflect customers' plans to ship fewer holiday packages. Last month, Mastercard's (MA.N) SpendingPulse report also forecast a slowdown in shopping for the holidays. Black Friday online sales are expected to grow just by 1% and Thanksgiving sales are anticipated to fall 1%, the Adobe report said.

☆ Amazon.com to invest over 1 billion euros in European electric van, truck fleet
▼ + stars: | 2022-10-09 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Oct 10 (Reuters) - Amazon.com Inc (AMZN.O) said on Monday it will invest more than 1 billion euros ($974.8 million) over the next five years in electric vans, trucks and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon. The retailer said the investment was also aimed at spurring innovation across the transportation industry and encouraging more public charging infrastructure for electric vehicles (EVs). The U.S. online retailer said the investment would help its electric van fleet in Europe more than triple from 3,000 vehicles to more than 10,000 by 2025. Amazon said it also hopes to purchase more than 1,500 electric heavy goods vehicles - used for "middle-mile" shipments to package hubs - in the coming years. The retailer said it will also invest in doubling its European network of "micro-mobility" hubs from more than 20 cities today.

☆ Lowered profit forecasts raise concerns on shaky Wall Street
▼ + stars: | 2022-09-26 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

With that, concern about earnings has been rising as companies face higher inflation and possibly weakening demand. "The market is most worried about demand slowing in the U.S. and demand slowing globally," she said. Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. "Really up until maybe a month or two ago, we didn't see much in the way of earnings downgrades. The S&P 500 (.SPX) is down 23% for the year so far, while the Nasdaq is down 31%.

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. Goldman Sachs cut its year-end 2022 target for the benchmark S&P 500 index (.SPX) by about 16% to 3,600 points, a 4.2% decline from current levels. read moreThe CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 28.72 points. Meanwhile, Fed Chair Jerome Powell is set to give opening remarks on the transition to the post-pandemic economy at an event at 2 p.m. On the data front, investors will closely monitor flash reading on business activity data from S&P Global at 09:45 am ET.

☆ FedEx needs to deliver on cost-cut plan as investor patience wanes, analysts say
▼ + stars: | 2022-09-23 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

A FedEx last-mile delivery van is seen near a FedEx Ground distribution center in Carson, California, U.S., September 16, 2022. Last week, FedEx withdrew the financial forecast it issued just three months ago, adding to investor frustrations about a delay in turnaround. Some analysts said FedEx had enough room to cut costs and pricing power was holding up, for now. "There is abundant evidence that there are excess costs at FedEx, which could be trimmed with proper management focus and execution," Credit Suisse analysts said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ The Fed can save the stock market if a recession hits. Experts explain how far the central bank will go with rate hikes – and when it could reverse course.
▼ + stars: | 2022-09-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

As of yesterday, the federal funds rate is now in a range of 3.0% to 3.25% after a third consecutive 75-basis-point rate hike and the fifth increase of the year. But should the unemployment rate rise and company earnings fall enough to kick off a deep recession, a markets-friendly central bank could emerge over the next year, according to Kolanovic. In his view, a Fed pivot won't materialize until the unemployment rate gets closer to 5%. How does the Fed's third outsized rate hike impact your outlook for the economy and for your portfolio? US stock futures struggled for direction early Thursday, as the odds of a soft economic landing dwindled following the Fed's rate hike Wednesday.

☆ FedEx posts over 5% rise in quarterly revenue
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA FedEx Express delivery vehicle is seen in Long Beach, California, U.S., September 16, 2022. FedEx said it expects cost savings between $2.2 billion and 2.7 billion in fiscal 2023, amid weaking demand due to a weaker-than-expected business environment. The cost savings will come from reducing flight frequencies at FedEx Express, suspending certain operations at FedEx Ground, among other measures, the company said. The company's quarterly net profit fell to $875 million, or $3.33 per share, from $1.11 billion, or $4.09 per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nathan Gomes in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: FedEx investors frustrated with new CEO after withdrawn forecast
▼ + stars: | 2022-09-22 | by ( Lisa Baertlein | ) www.reuters.com time to read: +5 min

A FedEx Ground truck drives near a FedEx regional hub at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., September 16, 2022. Investors, already frustrated by last year's overly optimistic estimate for the holiday shopping season, were disappointed with its profit warning on Sept. 15. Reuters spoke with Bradshaw and five other investors who bought FedEx stock when it looked cheap versus its more profitable and better performing rival United Parcel Service (UPS.N), believing a FedEx business revamp promised healthy returns. FedEx warned business conditions would worsen in the current quarter, which ends as the key Christmas package delivery season begins. Late last month, FedEx told Reuters it was confident in its "stress tested" holiday forecast for this year.

☆ Futures flat as investors gird for another big rate hike
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. REUTERS/Andrew KellySummarySummary Companies Futures: Dow, S&P flat, Nasdaq down 0.11%Sept 21 (Reuters) - U.S. stock index futures paused on Wednesday as investors braced for a hefty interest rate hike from the Federal Reserve for a third straight time. The focus will be on economic projections, which is expected to offer insight into how aggressively policymakers feel interest rates must rise to tame stubbornly high prices. ET, Dow e-minis were up 10 points, or 0.03%, S&P 500 e-minis were up 0.5 points, or 0.01%, and Nasdaq 100 e-minis were down 12.75 points, or 0.11%. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Medha Singh in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures fall as focus turns to Fed
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. Register now for FREE unlimited access to Reuters.com Register"The fundamental environment has hardly changed." Focus will also be on the updated economic projections and dot plot estimates for cues on policymakers' sense of the endpoint for rates and the outlooks for unemployment, inflation, and economic growth. ET, Dow e-minis were down 139 points, or 0.45%, S&P 500 e-minis were down 19.75 points, or 0.5%, and Nasdaq 100 e-minis were down 70.5 points, or 0.59%. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Devik Jain in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. read more"The key to tomorrow is going to be indications by the Fed chief as to what's the next possible move. The benchmark U.S. 10-year Treasury yield hit 3.54%, its highest level since April 2011, in anticipation of the rate hike, while the closely watched yield curve between two-year and 10-year notes inverted further. ET, Dow e-minis were down 153 points, or 0.49%, S&P 500 e-minis were down 22.25 points, or 0.57%, and Nasdaq 100 e-minis were down 78.75 points, or 0.65%. read morePayPal Holdings Inc (PYPL.O) fell 2.6% after Susquehanna Financial Group downgraded the fintech company's stock to "neutral" from "buy".

☆ Treasury yields jump before Fed meeting, dollar gains
▼ + stars: | 2022-09-19 | by ( Herbert Lash | ) www.reuters.com time to read: +6 min

The higher yield helped strengthen the dollar and made gold less attractive as concerns about the economy in light of higher rates cooled risk taking. After the past three Fed meetings, there have been relief rallies in bonds and equities as markets interpreted Powell as being dovish. read moreThe two-year yield , a barometer of future inflation expectations, climbed to a fresh almost 15-year high of 3.970%. read moreThe dollar rose 0.21% against the yen , backing off from the 24-year peak of 144.99 two weeks ago amid increasingly strident intervention warnings from Japanese policymakers. The dollar index rose 0.055%, with the euro up 0.06% to $1.0021.

☆ Wall Street ends choppy session higher with focus firmly on Fed
▼ + stars: | 2022-09-19 | by ( David French | ) www.reuters.com time to read: +5 min

Focus will also be on new economic projections, due to be published alongside the Fed's policy statement at 2 p.m. A majority of the 11 S&P 500 sectors rose. read moreIndustrial stocks (.SPLRCI) rebounded 1.4% after a sharp drop on Friday, while banks (.SPXBK) gained 1.9%. Tech heavyweights Apple Inc (AAPL.O) and Tesla Inc (TSLA.O) rose 2.5% and 1.9%, respectively, to provide the biggest boost to the S&P 500 and the Nasdaq. read moreThe S&P 500 posted one new 52-week high and 28 new lows; the Nasdaq Composite recorded 29 new highs and 378 new lows.

Register now for FREE unlimited access to Reuters.com RegisterUnexpectedly hot August inflation data last week also raised bets on increased rate hikes down the road, with the terminal rate for U.S. fed funds now at 4.46%. It's a lower volume market, which means that folks are probably just sitting tight at this point waiting to see the next step." Focus will also be on new economic projections, due to be published alongside the Fed's policy statement at 2 p.m. Four of the 11 S&P 500 sectors were lower. Tech heavyweights Apple Inc (AAPL.O) and Tesla Inc (TSLA.O) rose more than 1% each to provide the biggest boost to S&P 500 and the Nasdaq.

☆ Here's how economies around the world are reacting to China's economic slowdown.
▼ + stars: | 2022-09-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

China's growth slowdown is sending ripples across the world, though the repercussions are varied based on where you look. This morning, I'm breaking down what you want to know about how the world's second biggest economy moves the world's currency and commodity markets. Beijing is navigating a slew of headwinds, including COVID-19 lockdowns and issues across property and labor markets, according to Bank of America. Meanwhile, China's slowdown has less impact in Europe because the continent's focus remains on the energy crunch and Russia, analysts noted. US stock futures, cryptocurrencies, and oil prices fell early Monday, as investors brace for the Fed, Bank of Japan, and Bank of England's rate decisions this week.

☆ Penske Automotive unit orders 750 Ford electric cargo vans
▼ + stars: | 2022-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Penske Truck Leasing has ordered 750 of Ford Motor Co's (F.N) electric E-Transit cargo vans, the unit of Penske Automotive Group Inc (PAG.N) said on Monday. The move comes as several companies including FedEx Corp (FDX.N), UPS (UPS.N) and Deutsche Post (DPWGn.DE) unit DHL are experimenting with electric cargo vehicles as part of their own zero-emission vehicle plans. Penske also said that their long-term plans include adding more of the automaker's E-Transit vans to its wider network of rental, leasing locations across North America. Ford's E-Transit van comes in eight configurations, including three roof heights and three lengths, has an EV driving range of 126 miles. Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Boeing says 141 jet orders in limbo amid war in Ukraine
▼ + stars: | 2022-04-12 | by ( Eric M. Johnson | ) www.reuters.com time to read: +2 min

read moreIn March, Boeing booked orders for 53 planes, while customers canceled orders for 15 jets - including three of its 787s. Net of canceled orders and swapped models, Boeing had 38 orders, it said. For the first three months of the year, Boeing's orders rose to 167 from 114, Boeing said. Taking out cases where customers canceled orders or swapped models, orders stood at 145, up from 107, Boeing reported. After adjustments for deals deemed unlikely to result in actual delivery, net orders year to date dropped to 76 from 179, Boeing said.

☆ The untold story of how Amazon siphoned FedEx talent, setting Amazon Logistics up to soar while FedEx flounders
▼ + stars: | 2022-03-29 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

Insider spoke with seven former FedEx executives who went to work for Amazon from 2012 to 2018 and five more who worked at either FedEx or Amazon at the same time. You are executing someone's playbook," one former FedEx executive who went to Amazon said. Amazon Logistics leaders would study the intricacies of FedEx and UPS operations, take the best elements, and act like they were homegrown, former leaders said. The strategy — which FedEx used to great effect with its SmartPost service — "printed money for Amazon," one former Amazon Logistics leader said. And in 2020, less than a decade after getting serious about logistics, Amazon hit a milestone: It delivered more packages than FedEx.

☆ Anthony Gonzalez snags GoodRx, Marie Newman sells Moderna, Gary Peters buys fossil fuel burners
▼ + stars: | 2021-04-26 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +8 min

Newman sells ModernaLast week, Insider reporters Kimberly Leonard and Warren Rojas profiled the stock trades of Rep. Marie Newman, a freshman Democrat from Illinois, and her husband. On Wednesday, Newman reported that she or her husband made additional stock trades in January. And he and his wife last week reported making dozens of different stock trades and financial moves during March. Rep. Josh Gottheimer, a Democrat from New Jersey, made more than 60 stock trades during March. Rep. John Yarmuth, a Democrat from Kentucky, meanwhile made nearly 20 stock trades during March.

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