Transports On Fire (FDX, UPS, UNP, IYT)
July 26, 2010 11:04 AM
The transportation sector is moving higher today after FedEx (NYSE: FDX) this morning raised its first-quarter and full-year outlooks.
The economic bellweather said it sees more packages flowing through both its air and ground networks. The company now sees first-quarter earnings ending on August 31 between $1.05 and $1.25 per share, up from a prior view of 85 cents to $1.05. The company raised fiscal 2011 earnings guidance to between $4.60 and $5.20 per share from its previous guidance of $4.40 to $5.00 per share.
Last week United Parcel Service (NYSE: UPS) raised its outlook for the year citing strong revenue growth. Union Pacific (NYSE: UNP) reported earnings last week and easily beat Wall Street estimates as business volumes rose 18% from the year-ago quarter.
Shares of FedEx are higher by $4.27, or 5.41%, to $83.23 in late-morning trading.
Shares of UPS and UNP are higher by 1.77% and 3.10%, respectively.
The iShares Dow Jones Transportation Fund (NYSE: IYT) is up $2.05, or 2.60%, to $80.85.
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