FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after warning in preliminary fiscal first-quarter results of weak 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 in fiscal 2025. “We are moving with speed and agility to navigate a challenging operating environment, pulling levers of costs, commercial and capacity to adjust to the impacts of reduced demand,” FedEx CEO Raj Subramaniam wrote in the statement, adding that “as our team continues to aggressively to address near-term headwinds, we are significantly strengthening our business and customer experience, including delivering exceptional maximum.”
FedEx announced that its express, ground and home delivery rates will increase by an average of 6.9% starting January 2, 2023.
Costco (COST): The retail giant reported fiscal fourth-quarter earnings and revenue that beat Wall Street 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 million. Annual sales totaled $222.73 billion, up 16% from a year ago.
Cano Holdings (CAN), Human (BURN): Humana is considering a deal to buy Cano Health, according to the Wall Street Journal. Shares of Cano Health rose on the news, closing up 32%. The agreement could be reached in the coming 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 tumbled amid broader market volatility, falling 70% over the past year.
DocuSign (DOC): The company announced former Google executive Allan Thygesen as its new CEO effective October 10. DocuSign board chair Maggie Wilderotter wrote in a statement: “The board believes Allan is the right leader to help DocuSign continue to capture the tremendous market opportunity ahead. Allan Thygesen replaces Dan Springer, who stepped down in June.
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