Shares Still Cheap After We Reduced FedEx's FVE Due to Pension Underfundedness
FedEx beat fiscal fourth-quarter adjusted EPS expectations slightly, but management’s guidance of a mid-single-digit decline in near-year’s EPS will stick in the investor’s mind and do beleaguered shares no favor in the short term. With no evidence of improved global trade or progress on FedEx operational improvements, we expect the stock to remain pressured. FedEx shares have declined 40% from a $259 52-week high on multiple concerns (trade, the threat from Amazon and the China conflict) and du...FedEx provides transportation, e-commerce and business services through companies under the FedEx brand. These companies are included in the following segments: Federal Express Corporation, including TNT Express B.V., is an express transportation company; FedEx Ground Package System, Inc., which is a provider of small-package ground delivery services; FedEx Freight Corporation, which is a provider of less-than-truckload freight services; and FedEx Corporate Services, Inc., which provides sales, marketing, information technology, communications, customer service, technical support, billing and collections services, and certain back-office functions.
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