FedEx Corporation (NYSE: FDX) came out after the close. Apparently $126 oil is a killer, like no one knew that. When it gave its last earnings warning it was based on fuel not rising too much more. Guess what.
The company took its prior forecast of $1.60 to $1.80 EPS down to a new $1.45 to $1.50 EPS range. Shares closed down 3% in regular trading, and they are down another 3% at $87.26 in after-hours.
Big Brown, or United Parcel Service Inc. (NYSE: UPS) fell almost 2% in after-hours to $69.03 on the FedEx news.
Now you know why airline stocks have been stinking the trading floors up, like you didn’t already. It looks like this may bring about another downward push in those trucking stocks now too.
Consumers do not want to have to eat any more fuel surcharges. Shareholders will want those fuel surcharges to be passed down.
Jon C. Ogg
May 9, 2008
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