FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after a warning in preliminary fiscal first quarter results of declining demand. FedEx released its fiscal first quarter results in an 8-K before close of trading on Thursday, pushing the stock up 0.8%.
The company outlined plans to save up to $2.7 billion by fiscal 2023 and up to $4 billion by fiscal 2025. “We are moving quickly and flexibly to navigate a challenging work environment, pulling cost, commercial and capacity levers to to adapt to the impact of reduced demand,” wrote FedEx CEO Raj Subramaniam in the release, adding: “As our team continues to work aggressively to address short-term headwinds, we are strengthening our business and customer experience in a meaningful way, including delivering an excellent peak.”
FedEx has announced that express, ground and home delivery rates will increase by an average of 6.9% from January 2, 2023.
Costco (COST): The retail giant reported fiscal fourth quarter earnings and earnings that exceeded Wall Street estimates as annual sales topped $200 billion for the first time. Costco reported fourth quarter earnings of $4.20 per share on revenue of $72.09 billion. Annual revenue was $222.73 billion, up 16% from a year ago.
Canoe Holdings (CANOE), Humana (HUMBLE): Humana is considering a deal to buy Cano Health, according to the Wall Street Journal. Shares of Cano Health rose on the news, closing 32%. The agreement could reportedly be reached in the coming weeks.
freshpet (FRPT): According to the Wall Street Journal, activist investor Jana Partners has taken a 10% stake in the pet food company with plans to make changes, including a possible sale. Freshpet shares have fallen amid broader market volatility, with the stock falling 70% in the past year.
docuSign (DOCU): The company announced former Google CEO Allan Thygesen as its new CEO effective October 10. DocuSign Board Chair Maggie Wilderotter wrote in a statement: “The Board of Directors believes Allan is the right leader to help DocuSign continue to capitalize on the huge market opportunities ahead. Allan Thygesen replaces Dan Springer, who left the board in June. role stepped.
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