Stocks – Fedex Falls in Premarket After Earnings

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© Reuters. © Reuters. — Stocks in focus in premarket trade on Wednesday, 18th December. Please refresh for updates.

  • 7:45 AM ET: FedEx (NYSE:) stock was down 7.6% after publishing a 40% drop in profit in its fiscal second quarter, due in part to (NASDAQ:) pivoting from customer to rival in the delivery space. Revenue fell 3% to $17.3 billion, also short of consensus forecasts.
  • FedEx (NYSE:) also cut its full-year earnings per share forecast by nearly 10% to a range around $10.88 a share.
  • 07:57 AM ET: General Mills (NYSE:) stock was up 2.5% after the maker of Cheerios reported a 7% rise in operating profit in constant currencies.
  • Net earnings per share rose more sharply, reflecting high restructuring costs a year earlier. Organic net sales rose only 1%, however, leaving revenue nearly flat at $4.4 billion.
  • The company reaffirmed its guidance for the full fiscal 2020 year.
  • 7:50 AM Fiat Chrysler Automobiles (NYSE:) ADRs were down 0.9% after the company agreed merger terms with France’s Peugeot (PA:). Under the agreed deal, FCA shareholders will still get their 5.5 billion euro ($6.1 billion) special dividend before completion.
  • In addition, the company will cancel all double voting rights currently held by strategic shareholders, a move which will limit the French government’s influence. Strategic shareholders in the combined group will receive new double voting rights after three years.
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