FedEx Corp.

FedEx acquires large chunk of stock from Morgan Stanley

A FedEx plane

FedEx Corp. said Tuesday it acquired 7.9 million shares of its common shares worth $1.5 billion from investment banking giant Morgan Stanley & Co. as part of an accelerated share repurchase plan announced in June.

The accelerated buyback program is part of FedEx’s plan to repurchase up to $5 billion of common shares.

FedEx (NYSE: FDX) said it acquired the shares from Morgan Stanley (NYSE: MS) at current market prices. As of midday trading on Tuesday, FedEx shares were up 4.5%. The share price is...

https://www.freightwaves.com/news/fedex-acquires-large-block-of-stock-from-morgan-stanley

FedEx launches long-awaited operational integration

FedEx Corp. said Wednesday it has launched a long-awaited strategy to integrate all of its operations, a move that signals the end of the operationally siloed business model that was the hallmark of FedEx’s first 50 years.

The strategy, Network 2.0, will cost about $2 billion to implement over the next five years, company executives said during a meeting of analysts and investors at its Memphis, Tennessee, headquarters. If all goes according to plan, it will add $2 billion to FedEx’s (NYSE: FDX)

https://www.freightwaves.com/news/fedex-launches-long-awaited-operational-integration

Aurora applying robot truck lessons to robotaxis that once led driverless parade

Before autonomous startups decided to field autonomous trucks before driverless cars, passenger vehicles had an edge in attention and investment. Now it is the lessons learned from robotic trucks that are being applied to Aurora Innovation’s ride-hailing robotaxis.

Aurora (NASDAQ: AUR) is one of two competitors in autonomous truck development that started with autonomous car projects. The other is Alphabet subsidiary Waymo and its trucking offshoot Waymo Via, which evolved from the original...

https://www.freightwaves.com/news/aurora-applying-robot-truck-lessons-to-robotaxis-that-once-led-driverless-parade

FedEx bottom line strains under cost pressures

Perhaps the best thing that can be said about FedEx Corp.’s fiscal 2022 first-quarter results is that no one who follows the company can be blindsided by them or the reasons behind them.

The Memphis, Tennessee-based delivery company (NYSE:FDX) posted quarterly earnings per share of $4.37, which were adjusted by 27 cents per share in business realignment costs and ongoing integration expenses related to the 2016 acquisition of Dutch delivery company TNT Express LLC. The total adjusted results...

https://www.freightwaves.com/news/fedex-bottom-line-strains-under-by-cost-pressures

FedEx Freight prunes 1,400 customers to protect service levels

A FedEx truck with a double-trailer moves along a desert highway.

FedEx Freight is immediately cutting service to about 1,400 less-than-truckload customers, affecting thousands of locations, in an effort to reduce terminal bottlenecks and shipping delays as unprecedented amounts of tonnage pour into the sector. 

The heavy trucking division of FedEx Corp. (NYSE: FDX) began notifying select manufacturers, retailers and logistics companies on Friday that it will stop picking up their goods as of Monday, leaving them virtually no time to make alternative shipping...

https://www.freightwaves.com/news/fedex-freight-prunes-1400-customers-to-protect-service-levels

FedEx gets no Wall Street love for stellar results

FedEx Corp.’s (NYSE:FDX) ground delivery unit, FedEx Ground, has become the tail that wags the corporate dog. So when the tail is perceived to be dragging, the dog’s currency — namely its share price — takes a hit.

The day after the Memphis, Tennessee-based giant posted fiscal 2021 second-quarter results that smashed even the most optimistic Wall Street estimates, shares took a nosedive. Near the close of trading Dec. 18, FedEx shares declined $16 a share to $276.26 a share. Shares have more...

https://s29755.pcdn.co/news/fedex-gets-no-wall-street-love-for-stellar-results

The Daily Dash: Boyle’s expertise aids vaccine delivery; Another fleet boosts driver pay

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, Pfizer has started shipping its COVID vaccine and UPS and FedEx are heavily involved, but another trucking company played a central role in the first doses reaching their destinations. Plus, Frozen Food Express is the latest carrier to boost driver pay, and Forward Air continues its less-than-truckload terminal expansion.

A helping hand

Boyle Transportation knows a thing or two about transporting...

https://www.freightwaves.com/news/the-daily-dash-boyles-expertise-aids-vaccine-delivery-another-fleet-boosts-driver-pay

Pressure on air cargo rates from China keeps increasing

A white FedEx cargo jet flanked by large trucks. The air cargo market is volatile this summer and prices are heading up on key lanes.

Outbound airfreight rates from China continued to rise for the fifth consecutive week, with pricing the strongest out of Shanghai as shipments increased for electronics, e-commerce orders, and hospital gear.

The pricing trend is good for carriers. But it means higher costs for cargo owners, especially with a large amount of all-cargo capacity already committed to big gadget launches from Sony, Apple and Samsung in the next couple months. There also is uncertainty about how many aircraft...

https://www.freightwaves.com/news/pressure-on-air-cargo-rates-from-china-keeps-increasing

FedEx eases up on firewall separating air and ground units

FedEx Great Quarter Guys

For more than 20 years, FedEx Corp. (NYSE:FDX) has operated its U.S. air and ground networks as separate entities. On February 7, the firewall cracked, albeit modestly.

The Memphis-based giant said that its FedEx Express unit, which handles time-definite shipments typically moving by air, will contract with its FedEx Ground unit to deliver residential parcels as long as they meet specific operating criteria. The service launched in Greensboro, North Carolina, with additional U.S. markets...

https://s29755.pcdn.co/news/fedex-eases-up-on-firewall-separating-air-and-ground-units

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