FedEx earnings beat estimates on 'unprecedented' holiday shipping season
Boxes containing the Moderna COVID-19 vaccine are prepared to be shipped at the McKesson distribution center in Olive Branch, Mississippi, U.S. December 20, 2020. FedEx on Thursday reported better-than-expected profits and revenues in its most recent quarter after what its CFO called an "unprecedented" peak holiday shipping season, despite severe weather in February that impaired operations at several of its largest hubs. FedEx reported net income of $939 million, or $3.47 per share, compared with $371 million, or $1.41 per share, during the same quarter a year ago. FedEx Chief Financial Officer Michael Lenz said the improvement in the company's third-quarter results reflects the "momentum in our business which continued through an unprecedented peak season." The Memphis-based logistics giant has become a key component in the U.S.' Covid-19 vaccine distribution efforts, alongside rival UPS.cnbc.com
Patti Smith returns to singing live with Brooklyn concert
CORRECTS DAY OF CONCERT - FILE - Patti Smith attends a special screening of "Pavarotti" at the iPic Theater in New York on May 28, 2019. Smith performed six songs as well as read poetry and excerpts from her book “Just Kids” in the Beaux-Arts Court at the museum, her voice bouncing off the skylight 60 feet above. It was a concert to also honor museum workers and drew just under 50 people, all socially distanced in widely spaced chairs. The Smith concert came on the same day in 1989 that Mapplethorpe died at age 42. It also marked the one-year anniversary of when Smith last performed live, at The Fillmore in San Francisco.
FedEx pledges $2 billion toward carbon-neutral operations by 2040, aims for all-electric fleet
A FedEx Corp. Boeing 767-300F cargo plane sits parked at the San Diego International Airport (SAN) in San Diego, California, U.S., on Monday, April 27, 2020. FedEx is investing at least $2 billion toward sustainable energy initiatives, including electric vehicles and carbon capture research, as part of a new pledge to become carbon neutral by 2040, the company announced Wednesday. The Memphis-based logistics giant said it aims to replace all of its parcel pickup and delivery vehicles with a sustainable electric fleet by 2040. FedEx joins other large companies setting carbon neutral goals within the next few decades. Amazon, which has previously pledged to become carbon neutral by 2040, called on other companies in September to set similar targets.cnbc.com
Analyst says FedEx plunge leaves bellwether vulnerable to the once unthinkable: an activist
"Real simply, FDX reported an awful quarter and unlike 1Q20, this one doesn't look like it can be pinned on 'Macro,'" Gordon Haskett analyst Don Bilson wrote Wednesday. But as the number of disappointing quarters grows, FedEx could find itself at risk of an attack by an activist investor in a bid to shake up management, Bilson warned clients. Smith founded FedEx in 1971 and serves as both the company's chairman and chief executive. "With each passing quarter and one miss after another, it's getting tougher to keep giving Fred Smith a pass," Bilson wrote. The analyst correctly speculated that Icahn was building a stake in HP via an options trade.cnbc.com