Little visibility down the road for FedEx.
At least seven analysts slashed their price targets on the stock Wednesday after the package delivery company withdrew its profit outlook for 2020 due to the fast-spreading coronavirus outbreak.
FedEx also said it would cut costs.
The company said it has submitted a request to the U.S. government for what it called "liquidity support." But even before the pandemic struck, the company was facing challenges such as the loss of a major customer, Amazon, and the integration of its TNT Express unit.
Its quarterly profit fell by more than half.
But some investors see a silver lining, driving up the company's beleaguered shares Wednesday amid another market sell-off.
Revenue rose, beating expectations as more businesses used its international express service to safeguard supply of parts and inventory.
At least one analyst says FedEx could benefit from the practice of social distancing that aims to reduce the spread of the virus because that is fueling ecommerce as more people hunker down at home.
And FedEx executives said the flood of international passenger flight cancellations has boosted its lucrative express business.
💡 One News Page Knowledge: Other News Mentions
FedEx Calls For Washington Redskins To Change Name
Credit: Wochit News Duration: 00:41Published
Redskins sponsor FedEx asks for team name change
Credit: Reuters Studio Duration: 01:01Published
Redskins sponsor, FedEx, urges team to rebrandFedEx has told the Washington DC-based American football team to change its controversial name.
FedEx requests nickname change for Washington's NFL teamDelivery giant FedEx, the title sponsor for NFL team's stadium, joins other advertisers in requesting Washington change its nickname.
FedEx Q4 Result Beats Expectations; Shares Soar About 10%FedEx Corporation, an American multinational delivery services company headquartered in Tennessee, has reported better-than-expected fourth-quarter revenue and..
Amazon Pushes Prime Day To October
Credit: Wochit News Duration: 00:27Published
Bezos Richer Than Ever
Credit: Wochit News Duration: 00:31Published
Jeff Bezos’s wealth soars to $171.6 billion to top pre-divorce recordJeff Bezos’s net worth has smashed through its previous peak, even after he relinquished a quarter of his stake in Amazon.com Inc. as part of a divorce..
Amazon driver in Detroit quits job on Twitter, leaves package-filled van with keys in the ignition. Here's why he did it.The former driver's tweets and video are in stark contrast to the feel-good worker-vignettes that Amazon has been airing as TV commercials.
Californians near wildland fireproof their homes
Credit: Reuters Studio Duration: 01:25Published
Cleveland Indians considers changing name
Credit: Reuters Studio Duration: 00:45Published
Gilead's remdesivir gets conditional EU clearance
Credit: Reuters Studio Duration: 00:59Published
Exxon signals 2nd straight quarterly loss
Credit: Reuters Studio Duration: 01:05Published
You Might Like
Related news from verified sources
Tweets about this