New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 6, 2014
09:14 EDTFDXFedEx announces $2B senior notes offering, accelerated share buyback program
FedEx announced that it intends to offer, subject to market and other conditions, $2B of senior unsecured notes pursuant to an effective registration statement previously filed with the SEC. FedEx intends to use proceeds from the offering to make payments under accelerated share repurchase agreements with Goldman, Sachs & Co. and JPMorgan Chase Bank, National Association, London Branch, which are part of the company’s previously announced share repurchase program. The effectiveness of the ASRs is conditioned upon the closing of the notes offering. Under the terms of the ASRs, FedEx has agreed to repurchase an aggregate of $2B of its common stock from the banks, with an initial delivery of approximately 11.4 million shares based on current market prices. The final number of shares to be repurchased under each ASR will be based on a discount to the volume-weighted average stock price for Rule 10b-18 eligible transactions in FedEx’s common stock during the term of the relevant transaction. Purchases under the ASRs are expected to be completed prior to the end of FedEx’s current fiscal year on May 31. FedEx expects to continue to repurchase shares in the open market from time to time, subject to market and other conditions.
News For FDX From The Last 14 Days
Check below for free stories on FDX the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 28, 2014
17:30 EDTFDXFedEx awarded $617.33M government contract
Subscribe for More Information
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
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use