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Live updates: US launches fourth night of strikes on Iran and restarts naval blockade CNNUS hits ‘dozens' of military targets in additional round of strikes The Hill'Enough Is Enough': Lawmakers Criticize Trump Over Resumption of Iran War Time MagazineUS launches fresh Iran strikes as CENTCOM resumes naval blockade Fox News
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Lawsuit claims Meta's layoff decisions were made by AI, not humans Ars TechnicaMeta used AI to tag workers who took leave to be laid off, lawsuit claims The GuardianMeta Sued For Allegedly Using Discriminatory AI In Layoff Decisions GizmodoMeta used AI to target workers with medical conditions for layoffs, lawsuit claims Reuters
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Apple opens its new Siri AI to everyone with the iOS 27 public beta TechCrunchThese 29 iPhones support iOS 27 and the public beta: Is yours on the list? MashableSiri AI makes the Apple Watch finally feel like a wrist computer The VergeiPadOS 27 & macOS 27 beta 3 get a version 2 update as public betas drop AppleInsiderDon't install the iOS 27 public bet
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Higher prices help cut borrowing as oil major tries to show financial discipline under new boss
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Investors have plenty of worries - chief among them inflation and a potential recession. But the engine that ultimately drives the stock market is corporate profits. As long as earnings growth stays on track, then corporate America—and by extension, your stock portfolio—remains on solid ground.
Which is why the recent earnings preview from FedEx (FDX) was so unnerving. While the official report for the quarter ended August 31 comes out Thursday, FedEx warned on September 15 that it would have bad news, with quarterly results severely impacted deteriorating economic trends in Asia, Europe and the U.S. FedEx stock was immediately penalized, and is down more than 20% since this pre-announcement.
The key question for every investor is whether the shipping giant is suffering from a company-specific malaise or whether FedEx's problems are a broad-market bellwether portending widespread doom. "FedEx is no ordinary economic actor, as its business literally touches every corner of the global economy" says Sheraz Mian, director of research for Zacks, an investment research firm.
A Downgrade for FDX
Analyst Colin Scarola, at investment research firm CFRA, suspects that part of the problem at FedEx is that it failed to adjust operations in its Express division (50% of revenues) as more international passenger flights, which transport some air freight as well, came back online after the pandemic-related slowdown, raising competition. "We don't doubt that some of the poor performance is related to ongoing global economic headwinds and high inflation worldwide. But the extent of the decline at Express leads us to believe that poor operational execution is also at play," says Scarola, who has
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