FedEx (FDX.US) stock jumped more than 7% after the delivery company posted upbeat quarterly figures. Company earned $3.47 per share while analysts expected lower earnings of $3.23 a share. Revenue rose 23% to $21.50 billion and beat market projections of $19.97 billion, thanks to increasing volume from pandemic-fueled e-commerce deliveries during the holiday shipping season. Company also provided upbeat fiscal guidance. FedEx sees fiscal 2021 EPS of $17.60 to $18.20 a share excluding a variety of items, including retirement plan accounting and TNT Express integration costs. "We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future," Chairman and CEO Fred Smith said in the FedEx earnings release.
FedEx (FDX.US) launched today’s session with a bullish price gap as upbeat quarterly figures provide fuel for today's rally. Stock tested resistance zone at $282.87 but failed to break high on the first attempt. However as long as price sits above the upper limit of the ascending channel, the continuation of the upward move looks to be more probable. Next target for bulls lies at $306.02 where all-time highs are located. On the other hand, if sellers manage to regain control, then nearest support to watch is located at $262.60 and is strengthened by 200 SMA ( red line) and 50 SMA (green line). Source: xStation5
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