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Stock Market & Financial Investment News

News Breaks
June 18, 2014
08:41 EDTFDXFedEx sees U.S. GDP growth for calendar 2014 of 2.2%
Says Ground and Freight "performing well," and Express remains on track to achieve its profit improvement plan despite the fuel headwinds the company has experienced. Says expectations for economic growth for remainder of the year have improved somewhat. Sees industrial production growth of 3.6% this year and 3.7% in calendar 2015. Says global economy recovering from Q1, says slowdown in China has steadily improved. Sees global GDP growth of 2.7% in calendar 2014 and 3.1% in calendar 2015. Sees U.S. GDP growth for calendar 2015 3.1%. Sees U.S. GDP growth this year affected by weather. Says will complete share repurchase program this year. Comments made on the Q4 earnings conference call.
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August 28, 2014
17:30 EDTFDXFedEx awarded $617.33M government contract
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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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