March 18, 2020 / 2:21 PM / 23 days ago

UPDATE 1-BUZZ-Fedex reverses course, up on manufacturing greenshoots in Asia

(Updates)

** U.S. package delivery company’s shares reverse course, rising as much as 5.8% to $100.5

** Company suspends FY20 profit forecast due to the coronavirus outbreak

** Asia has seen green shoots as containment of virus has enabled a restart in manufacturing - Cowen analyst Helane Becker

** Adds that Aircraft capacity in both Asian and European trade lanes has been reduced, which should benefit FedEx once the economies stabilize

** Company’s shares up 1.7% at $96.6 in early trade, rival up 2%

** FedEx, which benefited from President Donald Trump’s corporate tax cut, says it would cut costs as the pandemic intensifies

** Citigroup cuts price target to $140 from $180 and UBS reduces it to $135 from $141

** Research broker Cowen says FedEx may benefit in the coming days from shifting supply as social distancing aids growth in ecommerce

** CTO says co has submitted a request to the U.S. government for liquidity support (Reporting by Shivani Kumaresan and Rachit Vats in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below