UPS - FedEx (FDX) Stock Down in Yesterday's Trading: Here's Why | Benzinga
Shares of FedEx Corporation (NYSE: FDX) declined 3.32% on Apr 1 to $280.13 per share from $289.74 on Mar 28. This downside was mainly due to the non-renewal of the air-cargo contract with United States Postal Service or USPS. The current contract with FedEx will expire on Sep 29, 2024.
While releasing its third-quarter fiscal 2024 results last month, management stated that it was negotiating for a new multi-year agreement with USPS so that FDX remains as the primary air-cargo provider for USPS. The non-renewal of the contract means that mutually acceptable terms could not be reached, thereby bringing an end to a relationship between FDX and USPS, that lasted for more than two ...