FedEx, International Paper, Uber, etc.

News Update - Previous Market

Check out the companies that make headlines before the alarm goes off:

FedEx (FDX) – FedEx dropped 20.3% in pre-market trading after issuing a profit warning due to falling world delivery volumes. The news has exacerbated fears of a slowing global economy, weighing on shares of other logistics companies such as United Parcel Service (UPS), down 6.8% and XPO Logistics (XPO), down 4.2%.

International paper (IP) – The packaging and paper products company has been downgraded to “underperformer” from “retention” at Jefferies, which shows rapidly declining orders and excess inventory in the industry. For the same reasons, Jefferies cut Packaging Corporation of America (PKG) to “underperform” from “hold” and cut earnings estimates for WestRock (WRK). Sentiment around packaging companies is also being affected by the FedEx profit warning. International Paper fell 4.6% in the previous session, Packaging Joint Stock Company dropped 4.3% and WestRock lost 2.3%.

Uber Technologies (UBER) – Uber said it was investigating a cybersecurity incident after a hacker claimed to have gained access to the car-sharing company’s computer systems. Uber fell 4% in the money market.

AstraZeneca (AZN) – AstraZeneca jumped 1.6% in pre-market trading after the drugmaker received EU approval for its Covid-19 antibody cocktail.

General Electric ( – GE fell 4.5% in money markets after Chief Financial Officer Carolina Dybeck Happe told an investment conference that supply chain issues were still affecting its ability to timely delivery of products to the company’s customers. Therefore, the company’s cash flow is still under pressure.

NCR (NCR) – NCR fell 15.8% in action before announcing plans to split into two separate publicly traded companies. One will focus on digital commerce, the other on NCR’s flagship ATM business.

More storage space (EXR) – The operator of self-storage assets has announced a $590 million deal to acquire rival Storage Express. Extra memory space increased 2.9% in the forerunner market.

Alcoa (AA) – Alcoa gained 1.1% in pre-market trading after Morgan Stanley upgraded its aluminum producer from “balanced” to “balanced”. Morgan Stanley is cautious on the mining sector despite strong balance sheets and cheap valuations but sees “deeply valuable” opportunity in Alcoa and several others.

Source link


News7g: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button