FedEx investors frustrated with new CEO after withdrawn profit forecast [Globe and Mail, The (Toronto, Canada)]
United Parcel Service, Inc. (UPS)
Last united parcel service, inc. earnings: 4/28 07:00 am
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Source: Globe and Mail, The
decrease dented investor confidence in the new chief executive's vision to deliver a long-awaited turnaround at the shipping company, sending its shares into a free fall after it withdrew its full-year profit forecast last week. After Raj Subramaniam succeeded founder Fred Smith in June as FedEx's CEO, the Tennessee company generated goodwill by issuing a stronger-than-expected, full-year profit forecast and boosting its dividend payment. Investors, already frustrated by last year's overly optimistic estimate for the holiday shopping season, were disappointed with its profit warning on Sept. 15. By the end of trading that week, FedEx's share price had slid more than 28 per cent from where it was on Subramaniam's first day as CEO as investors questioned FedEx's forecasting ability. “You can't say things are good, give guidance, raise the dividend, and then blow shareholders to smithereens,” said Gary Bradshaw, a portfolio manager with Hodges Capital Management in Dallas. FedEx
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- United Parcel Service, Inc. (NYSE: UPS) was upgraded by analysts at HSBC Holdings plc from a "hold" rating to a "buy" rating. They now have a $170.00 price target on the stock.MarketBeat
- United Parcel Service: I See Persisting Profit Pressure Ahead [Seeking Alpha]Seeking Alpha
- United Parcel Service, Inc. (NYSE: UPS) had its price target raised by analysts at Bank of America Co. from $157.00 to $160.00. They now have a "neutral" rating on the stock.MarketBeat
UPS
Earnings
- 4/23/24 - Beat
UPS
Sec Filings
- 4/23/24 - Form 8-K
- 4/11/24 - Form PX14A6G
- 3/27/24 - Form 4
- UPS's page on the SEC website