By Alexander Bueso
Date: Friday 16 Sep 2022
LONDON (ShareCast) - (Sharecast News) - Royal Mail shares were hammered by the negative read-across in markets from US peer FedEx's decision to withdraw its full-year guidance after Thursday's close.
The US outfit also guided analysts towards fiscal first quarter profits of $3.44 on sales of $23.3bn. That compared to consensus forecasts from FactSet for $5.14 and $23.6bn, respectively.
It cited "macroeconomic weakness" in Asia and "service challenges" in Europe.
FedEx said volumes fell around the world during its first quarter, worsening towards the end of the three-month stretch and business conditions were expected "to further weaken" in the second quarter.
Sales were seen coming in at between $23.5-24.0bn in the second quarter for earnings per share of $2.75 "or greater".
Analysts on the Street on the other hand had penciled-in sales of $24.9bn and EPS of $5.48.
The company was next due to announce results on 22 September, when it could update its forecasts and outline cost-cutting plans.
As of 0939 BST, shares of FedEx were changing hands at $164.49 or 19.71% beneath their closing level on Thursday.
Shares of Royal Mail meanwhile were down by 11.68% to 220.70p.
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Currency | US Dollars |
Share Price | $ 246.43 |
Change Today | $ -2.17 |
% Change | -0.87 % |
52 Week High | $289.74 |
52 Week Low | $225.84 |
Volume | 1,245,761 |
Shares Issued | 318.00m |
Market Cap | $78,365m |
RiskGrade | 131 |
Strong Buy | 8 |
Buy | 13 |
Neutral | 8 |
Sell | 1 |
Strong Sell | 0 |
Total | 30 |
Time | Volume / Share Price |
16:00 | 167,573 @ $246.43 |
15:59 | 100 @ $246.50 |
15:59 | 100 @ $246.50 |
15:59 | 464 @ $246.51 |
15:59 | 111 @ $246.51 |
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