FedEx Corporation FDX traded 5 percent lower on Tuesday after the company posted mixed results for last quarter’s earnings.
The delivery services company reported earnings per share of $3.46 and total revenue of $17.1 billion, compared to Wall Street expectations of $3.83 and $16.9 billion. FedEx also raised its earnings guidance by $0.20 from $15.65-16.25 to $15.85-$16.45.
Despite missing expectations, CEO Fred Smith said, “We are optimistic about our prospects for profitable growth and remain confident we will reach our goal to improve operating income.”
In analyzing the market cycles for FedEx, we can see that it appears to have started the declining phase of its current cycle on the weekly chart. On the daily chart, the stock was trending higher, but today’s gap lower represents a reversal in sentiment. This is known as a “bear kicker”.
The chart suggests that the move lower will continue into October, with a near term projection of $235.
FedEx Corporation Stock Charts With Weekly (Left) And Daily (Right) Bars
Related Links:
FedEx's 'Messy' Start To Fiscal 2019 Pressures The Stock, Morgan Stanley Says After Q1 Print
FedEx Reports 'Solid' Q4, But Bernstein Sees Capex Uncertainty
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