Fedex (FDX): The utility announced cost-cutting measures and rate hikes after warning of weaker demand in its preliminary first-quarter financial results. FedEx released its results for the first quarter of the 8,000-year before the close on Thursday, sending shares up 0.8%.
The company has outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. With solutions to short-term headwinds, we significantly strengthen our business and customer experience, including delivering an outstanding top .”
FedEx announced that its express, ground and domestic delivery rates will increase by an average of 6.9% from January 2, 2023.
Costco (COSTS): The retail giant reported fourth-quarter earnings and revenue that beat Wall Street estimates as annual sales surpassed $200 billion for the first time. Costco reported fourth-quarter earnings per share of $4.20 on sales of $72.09 billion. Annual sales reached $222.73 billion, up 16% year over year.
Cano Holdings (CAN), Humana (BUZZ): According to the Wall Street Journal, Humana is considering a deal to buy Cano Health. Cano Health shares rose on the news, closing as much as 32%. The deal could reportedly be reached in the next few weeks.
Freshpet (FRPT): Activist investor Jana Partners has taken a 10% stake in the pet food company, according to The Wall Street Journal, and plans to push for changes, including a possible sale. Freshpet’s shares have fallen amid broader market volatility, with shares down 70% over the past year.
DocuSign (DOCUMENTARY): The company announced former Google executive Allan Thygesen as its new CEO effective October 10. DocuSign Chair Maggie Wilderotter wrote in a statement, “The board believes Allan is the right leader to help DocuSign continue to capitalize on the tremendous market opportunities that lie ahead. Allan Thygesen replaces Dan Springer, who resigned in June.
The story goes on
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