|
 Expeditors International of Washington Inc. reported Tuesday second-quarter profit and revenue that rose well above expectations, and said logistics challenges are likely to remain through the rest of the year while demand is expected to remain robust. The airfreight and ocean freight company's stock was still inactive in premarket trading. Net income rose to $316.4 million, or $1.84 a share, from $183.9 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.63. Revenue increased 49.7% to $3.61 billion, above the FactSet consensus of $3.40 billion. Cost of transportation and other expenses rose 56% to $2.60 billion. "Robust demand is bumping up against capacity constraints in the air and ocean markets, all of which is made more challenging by limited warehouse space, staffing constraints, port congestion, equipment dislocations, and driver shortages, not to mention additional disturbances such as the closure of the Yantian port due to a COVID-19 outbreak in May or the blockage of the Suez Canal back in March," said Chief Executive Jeffrey Musser. "While we remain optimistic that conditions will improve over time, we are unable to predict when that might take place, or how even the recovery might be, and we believe that demand will likely continue to outstrip capacity in both air and ocean for the near term, keeping buy/sell rates unsettled for at least the duration of 2021." The stock has rallied 12.0% over the past three months, while the Dow Jones Transportation Average has dropped 8.0% and the Dow Jones Industrial Average has gained 2.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
 Federal health officials struck a serious tone on Monday, once again urging Americans to get vaccinated and calling on more employers to require COVID-19 vaccine mandates.
|
RELATED ARTICLES | | |
|
COVID-19 is spreading fast among Texas' unvaccinated. Here's who they are and where they live. The Texas TribuneAustin/Travis County crosses Stage 5 COVID-19 threshold | FOX 7 Austin FOX 7 AustinCoronavirus updates in Central Texas: Tuesday stats tracker KVUE.comAustin-area unvaccinated pregnant women increasingly hospitalized with delta variant, maternal death risk high KXAN.com
|
|
Like so many retailers, Ralph Lauren has had its resilience tested as a result of the COVID-19 pandemic. The company's CIO invested in numerous technologies in the years prior, however, that fostered resilience in the retailer.
|
|
Shares of DuPont de Nemours Inc. rallied 1.7% in premarket trading Tuesday after the specialty materials and chemicals company reported second-quarter earnings that beat expectations, amid an ongoing recovery in markets hurt by the COVID-19 pandemic a year ago, and raised its full-year outlook. The company swung to net income of $478 million, or 90 cents a share, from a loss of $2.48 billion, or $3.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.06 from 31 cents, beating the FactSet consensus of 94 cents. Sales grew 25.7% to $4.14 billion, above the FactSet consensus of $3.99 billion. For 2021, the company raised its adjusted EPS guidance range to $4.24 to $4.30 from $3.60 to $3.75 and listed its sales guidance to $16.45 billion to $16.55 billion from $15.7 billion to $15.9 billion. "Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments," said Chief Executive Ed Breen. The stock has gained 5.0% year to date through Monday, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Tyson Foods Inc. announced Tuesday that it will require all office staff to be vaccinated by October 1, and all other workers to be vaccinated by November 1, pending discussions with locations represented by unions. Tyson said nearly half of its workers are already vaccinated, and the company has hosted more than 100 vaccination events. The meat manufacturer says it will provide $200 to workers, subject to those union discussions, along with the policy to compensate workers for up to four hours of pay if they're vaccinated outside of their shift or through an external source. Tyson has spent $700 million to date on protective gear, vaccinations and other COVID-19-related measures. At one point, the illness had infected 1,000 of 2,800 workers in the company's Waterloo facility. Tyson shares are up 11.3% for the year to date while the benchmark S&P 500 index has gained 16.8% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
U.S. stock indexes relinquish solid gains Monday and stocks end mostly lower as persistent concerns about the spread of the COVID-19's delta variant create an excuse for modest selling in the first trading day for equity markets in August.
|
|
Louisiana is one of the states leading the recent Covid-19 case surge.
|
|
