FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after warning in preliminary fiscal first-quarter results of weakening demand. FedEx released its fiscal first-quarter results in an 8-K before the close of trading Thursday, sending shares up 0.8%.
The company outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. “We’re moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand,” FedEx CEO Raj Subramaniam wrote in the release, adding “as our team continues to work aggressively to address near-term headwinds, we’re meaningfully strengthening our business and customer experience, including delivering an outstanding peak.”
FedEx announced its Express, Ground and Home Delivery rates will increase by an average of 6.9% effective January 2, 2023.
Costco (COST): The retail giant reported fiscal fourth-quarter earnings and revenue that beat Wall Street’s estimates as annual sales topped $200 billion for the first time. Costco reported fourth-quarter earnings of $4.20 per share on revenue of $72.09 billion. Annual sales totaled $222.73 billion, a 16% increase from a year ago.
Cano Holdings (CANO), Humana (HUM): Humana is considering a deal to buy Cano Health, according to the Wall Street Journal. Shares of Cano Health surged on the news, closing up 32%. The agreement could reportedly be reached in the next several weeks.
Freshpet (FRPT): Activist investor Jana Partners has taken a 10% stake in the pet food company with plans to push for changes including a possible sale, according to the Wall Street Journal. Freshpet shares have tanked amid broader market volatility with the stock down 70% in the past year.