FedEx (FDX): The delivery company reported cost cutting measures and raising rates thereafter attention in preliminary fiscal first-quarter results of weakening demand. FedEx released its fiscal first-quarter results in an 8-K before the close of trading Thursday, sending shares up 0.8%.
The company outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. “We are moving with speed and agility to navigate a challenging operating environment by leveraging cost, commercial and capacity to adjust for the impact of reduced demand,” FedEx CEO Raj Subramaniam wrote in the release, adding that “as our team continues to work aggressively to address short-term headwinds, we are significantly strengthening our business and the customer experience, including providing an exceptional top.”
FedEx announced that rates for express, ground and domestic shipping will increase by an average of 6.9% starting January 2, 2023.
Costco (PRICE): The retail giant reported fiscal fourth-quarter earnings and revenue that beat Wall Street estimates as annual sales topped $200 billion for the first time. Costco reported fourth-quarter earnings of $4.20 per share on revenue of $72.09 billion. Annual sales totaled $222.73 billion, a 16% increase over the previous year.
Cano Holdings (CANOE), Humana (HUM): Humana is mulling a deal to buy Cano Health, according to the Wall Street Journal. Shares of Cano Health jumped on the news, closing up 32%. An agreement could be reached in the next few weeks.
Freshpet (FRPT): Activist investor Jana Partners has taken a 10 percent stake in the pet food company with plans to push for changes, including a possible sale, according to the Wall Street Journal. Shares in Freshpet have fallen amid broader market volatility, with shares down 70% in the past year.
DocuSign (DOCU): The company announced former Google executive Alan Thigesen as its new CEO effective October 10. DocuSign Board Chair Maggie Wildrotter wrote in a statement, “The Board believes that Allen is the right leader to help DocuSign continue to capture the tremendous market opportunity that lies ahead. Alan Tiegesen replaces Dan Springer, who stepped down from the role in June.