FedEx (FDX.US) is the worst performing S&P 500 member today, dropping 5%. Company released results for fiscal Q4 2021, which ended on May 31. Revenue increased 30% year-over-year to $22.6 billion, above market consensus of $21.5 billion. Earnings per share reached $5.01 while the market expects $4.99. Net income stood at $1.36 billion.
While results for fiscal Q4 were better-than-expected, the outlook that company has provided for fiscal 2022 was seen as disappointing. FedEx said it projects adjusted EPS of $20.50-21.50 in fiscal-2022. Company also said it expects capital expenditures to increase 20% as it plans to increase efficiency by setting up more automated facilities. Decision is also said to have been caused by rising labor costs and struggles to find new workers.
Taking a look at FedEx from a technical point of view, we can see that the stock pulled back following a failed attempt of breaking back into the range of the upward channel. Stock is currently testing a mid-term support zone ranging between 38.2% retracement of a recent upward move and $290.00 mark. Breaking below this hurdle could pave the way for a drop towards the 50% retracement at $277.50.
Source: xStation5
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