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FedEx said it expects current year earnings of between $16.50 and $18.50 per share.
Jeff Dean/AFP via Getty Images
Equity futures fell slightly on Wednesday as
S&P500
closed lower for the second day in a row and attention turned to Federal Reserve Chairman Jerome Powell’s testimony before Congress.
These stocks were set to move on Wednesday:
fedex
(FDX) fell 3.1% in premarket trading after the shipping giant reported fiscal fourth-quarter earnings that beat analysts’ estimates but issued a disappointing forecast. The company said it expects current-year earnings of between $16.50 and $18.50 per share, down from nearly $15 per share in fiscal 2023. Wall Street expected about $18.30 per share.
fedex
also said it expects “stable low-single-digit percentage” sales growth in fiscal 2024.
Competitor shares
United Parcel Service
(UPS) fell 0.2%.
You’re here
(TSLA) rose 1.4%. CEO Elon Musk met with Indian Prime Minister Narenda Modi on Tuesday and said he was confident the electric vehicle maker “will be in India and will do so as soon as humanly possible.” Musk said Modi was pushing
You’re here
make “significant investments in India”, and that is “something we intend to do”.
Amazon.co.uk
(AMZN) edged lower, falling to $125.51 in premarket trading. Jefferies analysts raised their price target on the stock from $135 to $150, saying they saw the company as a “primary beneficiary” of the
rise of artificial intelligence, as “AWS is benefiting from increased use to train and run AI models.”
Amazon
,
Meanwhile, announced that Prime Day, the online retailer’s annual promotional event, will take place on July 11-12. Amazon is estimated to have had sales of around $12 billion on Prime Day last year.
La-Z-Boy
(LZB), the furniture maker, said it expects first-quarter sales of $470 million to $490 million, down from $604.1 million a year earlier and below market expectations. analysts of about $522 million.
Reports on the results are expected on Wednesday from
Knowledge base home
(KBH),
Patterson Cos.
(OCSP), and
winnebago
(WGO).
Interactive Platoon
(PTON) fell 3.2% in premarket trading to $8 after shares of the digital exercise company were supported by Wolfe Research to Underperform with a price target of $6, reported the Fly.
Write to Joe Woelfel at joseph.woelfel@barrons.com