Atlas Air Worldwide Inks New ACMI Contract With FedEx

Atlas Air Worldwide Holdings, Inc (NASDAQ:AAWW) subsidiary Atlas Air, Inc. has entered into a long-term agreement with FedEx Corp (NYSE:FDX) to provide two 747-400 freighter aircraft on a full-time aircraft, crew, maintenance, and insurance (ACMI) basis.
This agreement is in addition to the company's existing multi-year peak season contract that provides FedEx with a minimum of five aircraft during the fourth quarter.
Both 747-400 freighters have entered service and are flying on behalf of FedEx to support the express and e-commerce network.
Earlier today, FedEx reported worse-than-expected Q1 earnings, which disappointed Wall Street analysts, resulting in Price Targets cuts.
Price Action: AAWW shares traded higher by 2.31% at $74.27, while FDX traded lower by 7.9% at $232.16 on the last check on Wednesday.