FedEx Lowers FY22 Outlook; Shares Down 4%
Shares of FedEx Corporation (FDX) slipped over 4% in extended trading session on Tuesday after the company lowered its outlook for the full year 2022.
The company now expects earnings of $18.25 to $19.50 per share before the MTM retirement plan accounting adjustments, compared to the prior forecast of $18.90 to $19.90 per share.
The company expects earnings of $19.75 to $21.00 per share before the MTM retirement plan accounting adjustments and excluding estimated TNT Express integration expenses and costs associated with business realignment activities, compared to the prior forecast of $20.50 to $21.50 per share.
Analysts polled by Thomson Reuters currently estimate earnings of $21.20 per share for the full year.
“Our results for the first quarter reflect higher operating costs we are incurring during this uncertain and challenging operating environment,” said CFO Michael Lenz. “While we expect these conditions to continue near-term, we expect a gradual improvement in labor availability combined with our proactive revenue management actions to mitigate the ongoing impact of these headwinds on our results and position us for earnings growth in fiscal 2022.”
FDX closed Tuesday’s trading at $252.07, up $1.27 or 0.51%, on the NYSE. The stock, however, slipped $10.12 or 4.01% in the after-hours trading.
People Think There’s Something Very Familiar About The New Space Force Uniforms
Prototypes of the new U.S. Space Force uniforms set Twitter alight on Tuesday. Many people said the design for the guardians’ service dress had a familiar feel.
“The Tonight Show” host Jimmy Fallon likened it to the attire worn by chefs or New York City doormen. See the video above.
Others snarked about the uniform’s similarity to costumes worn in sci-fi shows like “Battlestar Galactica” and “Star Trek.”
Seviroli Foods Recalls H-E-B Jumbo Stuffed Shells
Seviroli Foods Inc. is recalling H-E-B Jumbo Stuffed Shells – 22 oz citing the potential presence of foreign material in product, the U.S. Food and Drug Administration said.
The Bellmawr, New Jersey-based company initiated the recall after H-E-B was notified of four customer complaints of metal presence in the product.
The recall involves HEB Jumbo Stuffed Shells with UPC # 041220771110, Lot Code 2 1208 and Sell by Date of 07/27/22. The affected products were distributed to H-E-B stores in Texas.
All product related to this recall has been removed from H-E-B store shelves.
Consumption of hard or sharp foreign material could cause physical injury. Consumers who have purchased these products are urged to throw them away or return to the place of purchase for a full refund.
Singapore reports 1,457 COVID-19 cases, highest since April last year
(Reuters) – Singapore’s health ministry reported 1,457 new COVID-19 cases on Wednesday, the highest since April last year.
A recent rise in cases after the relaxation of some COVID-19 measures has prompted Singapore to pause further reopening. More than 80% of its population has been vaccinated against COVID-19.
Daughter Blames Tucker Carlson’s Misinformation For Playing A Role In Dad’s COVID-19 Death
A Washington woman whose father died of the coronavirus said he was hesitant to get vaccinated because of misinformation he heard in right-wing media and specifically cited Fox News host Tucker Carlson.
Katie Lane said her father, 45-year-old Boeing designer Patrick Lane, wasn’t on the far right politically.
“He was right in the middle and he consumed media from both sides,” Katie Lane said. “And just some of the misinformation on one of those sides made him hesitant.”
When asked what specifically made her father refuse the shot, the 20-year-old Washington State University student cited Carlson.
“He watched some Tucker Carlson videos on YouTube and some of those videos involved some misinformation about vaccines,” she said. “And I believe that that played a role.”
Katie Lane said her father was waiting for full FDA approval before getting the shot, but by the time that happened, he was already sick. One his last comments was that he wished he had been vaccinated.
Patrick Lane had no underlying health conditions, she told KING 5, the NBC station in Seattle.
Carlson, who has admitted to lying on his show, has consistently fed his audience conspiracy theories, misinformation and outright falsehoods about the infection and the vaccine.
Oil Futures Climbing Higher On Likely Drop In Inventories
Crude oil prices are climbing higher Wednesday morning, buoyed by data showing a larger than expected drop in U.S. crude stockpiles last week due to the impact of recent storms.
A somewhat subdued dollar ahead of the Federal Reserve’s policy announcement is also supporting oil prices. The dollar index, which slipped to 93.15 in the Asian session, is currently at 93.19, down slightly from the previous close.
West Texas Intermediate Crude oil futures for November are up $1.10 or 1.56% at $71.59 a barrel.
Brent crude futures are up $1.08 or 1.45% at $75.44 a barrel.
Data released by the American Petroleum Institute late on Tuesday showed crude stockpiles in the U.S. dropped by about 6.1 million barrels in the week ended September 17.
Crude inventory data from Energy Information Administration (EIA) is due at 10:30 AM ET.
City Of London Investment Trust Posts FY Profit
City of London Investment Trust Plc. (CTY.L) reported that its net return after taxation for the year ended 30 June 2021 was 266 million pounds or 62.45 pence per share compared to negative 237.01 million pounds or 59.69 pence per share in the previous year.
Net return before finance costs and taxation was 272.45 million pounds compared to a negative of 228.99 million pounds last year.
Gross revenue and capital gains were 278.16 million pounds compared to a loss of 223.43 million pounds in the prior year.