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What we're watching for tomorrow Central Bank Decisions, Nike & FedEx Earnings.
FedEx (NYSE: FDX) is scheduled to report its fiscal Q3 2024 results on Thursday, March 21. We expect it to post revenue in line and earnings above the street expectations.
Wall Street analysts tend not to take unnecessary risks when rating and valuing stocks. If they become overly bearish or bullish, and their predictions turn out wrong, that's a bonus they won't be getting, and they even risk losing their jobs.
For years, the working relationship between Amazon and FedEx has been a little unpredictable. Once, the two corporate behemoths enjoyed a symbiotic partnership, but in 2019, they drifted apart, eventually cutting ties altogether in what one Amazon executive labeled a “conscious uncoupling at its finest.
FedEx Corp (NYSE:FDX, ETR:FDX) is likely to have faced pressure from poor weather over the third quarter, UBS analysts have warned, prompting a cut to forecasts. Ahead of the international shipping firm's update on Thursday, UBS said in a note that its delivery wing would likely now only break even, rather than enjoying a 0.5% margin as previously expected.
Amazon and FedEx reportedly weighed teaming up on returns last year. FedEx previously had a business relationship with Amazon.
FedEx and Amazon reportedly engaged in discussions last year about a potential partnership to handle the increasing volume of eCommerce returns. Although no deal was reached, the talks underscore the shifting dynamics in the parcel delivery industry, The Wall Street Journal (WSJ) reported Monday (March 18).
Pre-market futures are into the green (a day after St. Patrick's Day) considerably at this hour, following a week of trading that was rather atypically erratic — at or near all-time highs one day, down to multi-week lows another, finishing down to the second-worst trading week of the year. Currently, the Dow is +98 points, the S&P 500 is +43 and the Nasdaq +226 points.
Beyond analysts' top -and-bottom-line estimates for FedEx (FDX), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended February 2024.
Given its better prospects, we believe UPS stock (NYSE: UPS) is a better pick than its peer — FedEx stock (NYSE: FDX). UPS trades at a higher valuation multiple of 1.4x revenues vs.