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Friday First-Class Earnings Recap: FedEx, Accenture, and Nike

FedEx (FDX) regained its title as first-class in quarterly earnings. In after-hours trade, FDX stock gained 13%, to $299.34, despite posting a 2.3% drop in revenue.
FedEx posted revenue of $21.7 billion and non-GAAP Q3 earnings per share of $3.86. Operating income grew by 19% Y/Y. Bulls re-entered the stock after the firm said it would buy $500 million in shares in Q4. In addition, the Board renewed an aggressive $5 billion stock buyback.

FedEx forecasts revenue falling in the low-single-digit percentage in 2024.

Professional Services firm Accenture (ACN) needs to rebound from Thursday’s 9.31% drop. The firm posted a 0.1% drop in Q2 revenue Y/Y, to $15.8 billion. Generative AI bookings accounted for $600 million. Expect $1.1 billion through the first half of the fiscal year.

Consider holding ACN stock if the price continues to fall.

Nike (NKE) will open down by around 5%. Trading at high valuations, the strong wholesale revenue (up by 3%), and the 150 bps increase in gross margin to 44.8% are the highlights. Furthermore, the firm ended the quarter with $10.6 billion. It may buy back shares, pay cash dividends, and continue its capital expenditure commitments to fuel its business growth.

Despite the steady quarter, expect selling pressure on NKE stock. Sales are not keeping up with the inflation rate which is at over 3%.