Shares of industrial and transportation companies fell after a surprisingly weak report from package-delivery giant FedEx.
FedEx shares looked set for its largest one-day decline in more than a year, after the package-delivery giant posted fiscal second-quarter profit shy of Wall Street targets and cut its revenue projections.
FedEx’s struggles with its ground-delivery business continued, and it suffered broader weakness in profit margins, said analysts at brokerage Morgan Stanley, in a note to clients.
General Motors bought out about half of its 2,000 Buick dealers nationwide, based on their decision to not sell electric vehicles.
Lawnmower maker Toro, which also makes aeration and irrigation equipment, said a golf boom that began during the Covid 19 pandemic continues to drive demand.
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