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Stock Market & Financial Investment News

News Breaks
February 19, 2013
17:38 EDTFDXFedEx sees pretax cost of voluntary buyout program $550M-$650M
FedEx disclosing in an SEC filing that on February 15, FedEx offered voluntary cash buyouts to eligible U.S.-based employees. The offer period will expire in 4Q13. Costs of the benefits provided under the voluntary program will be recognized in the period that eligible employees accept their offers, predominantly in 4Q13. The company expects the pretax cost of the voluntary program to range from approximately $550M to $650M in pretax cash expenditures, but actual costs will depend on employee acceptance rates. Employees in the first phase will vacate their positions on May 31, and the company expects for all eligible and accepting employees to vacate their positions by the end of FY14. In addition, a limited number of officers and managing directors have accepted voluntary buyouts to adjust our leadership team to our new organizational structure. The cost of these buyouts is included in the range referred to above and will be recognized in 3Q13 when the offers were accepted.
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August 27, 2014
12:47 EDTFDXJudge panel appeals FedEx Ground ruling
FedEx Ground, a subsidiary of FedEx, reports that a decision by a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit reversed previous rulings by the District Court for the Northern District of Indiana in three class action cases involving mostly former independent contractors for FedEx Ground. The court held that those independent contractors operating in California from 2000-2007 and Oregon from 1999-2009 were employees according to the panel’s interpretation of state laws. The model that the court reviewed is no longer in use. Since 2011, FedEx Ground has only contracted with incorporated businesses, which treat their drivers as their employees. FedEx Ground will seek review of these decisions, including review by the entire Ninth Circuit. FedEx Ground Senior Vice President and General Counsel Cary Blancett said, "We fundamentally disagree with these rulings, which run counter to more than 100 state and federal findings, including the U.S. Court of Appeals for the D.C. Circuit, upholding our contractual relationships with thousands of independent businesses. The operating agreement on which these rulings are based has been significantly strengthened in recent years, and we look forward to continuing to work with service providers across our network to provide customers the industry’s most reliable service.”
August 19, 2014
15:57 EDTFDXFedEx pushed to settle drug case as U.S. adds laundering charge, Bloomberg says
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August 15, 2014
15:32 EDTFDXFedEx receives money-laundering charge in altered indictment, Bloomberg reports
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12:12 EDTFDXFedEx falls to session lows, levels to watch
Shares were last at $147.69, trading lower by 1.3% on the day. At that price next support is at $145.47, a pivot low on a closing basis. Resistance is at $148.83.
12:09 EDTFDXFedEx receives money-laundering charge in altered indictment, Bloomberg reports
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August 14, 2014
17:08 EDTFDXSoros Fund Management gives quarterly update on stakes
NEW STAKES: CONSOL Energy (CNX), Google (GOOG), Level 3 (LVLT), Time Warner (TWC), and New Oriental (EDU). INCREASED STAKES: YPF SA (YPF), Apple (AAPL), Facebook (FB), AIG (AIG), and American Airlines (AAL). DECREASED STAKES: Teva (TEVA), Liberty Global (LBTYK), Barrick Gold (ABX), EQT (EQT), and Comcast (CMCSA). LIQUIDATED STAKES: FedEx (FDX), Monster Beverage (MNST), Google (GOOGL), Devon Energy (DVN), Marathon Petroleum (MPC).
12:01 EDTFDXThird Point gives quarterly update on stakes
NEW STAKES: Rackspace (RAX), Finisar (FNSR), Amgen (AMGN), Ally Financial (ALLY), and AstraZeneca (AZN). INCREASED STAKES: Dollar General (DG) and Dow Chemical (DOW). DECREASED STAKES: FedEx (FDX), Hertz (HTZ), T-Mobile (TMUS) and Intrexon (XON). LIQUIDATED STAKES: Google Class A (GOOGL), Verizon (VZ) and Mondelez (MDLZ).
06:23 EDTFDXFedEx, UPS brings express services to more China cities, Reuters says
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August 13, 2014
07:29 EDTFDXUPS, FedEx face new challenges, invest in technology to answer, FT says
Online retailing is driving up traffic volumes and the number of stops needed for both UPS (UPS) and FedEx (FDX), while also making flows harder to predict, and the shipping giants are making efficiency-boosting investments in technology to avoid a repeat of the type of issues that plagued UPS last Christmas, said Financial Times. Reference Link

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