FDX - Why FedEx Stock Hit the Gas in June
2024-07-02 13:07:55 ET
In late June, FedEx (NYSE: FDX) delivered a quarterly report that topped expectations, and management provided an upbeat outlook for the quarters to come.
All of that was a relief to shareholders, as the company had previously endured a shipping slump. In response, investors sent FedEx shares up 18.1% for the month, according to data provided by S&P Global Market Intelligence .
FedEx and other shipping and logistics companies had been stuck in traffic for most of the last year. The industry enjoyed robust demand during the more intense phases of the pandemic and immediately after as retail -- and online retail in particular -- thrived. But inflation, the higher interest rates that the Fed deployed to fight it, and the threat of a slowing economy caused their large customers to cut back on inventories, depressing demand for shipping services.
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Why FedEx Stock Hit the Gas in June