Diamonds and Dogs
Online shopping lending support to FedEx (FDX). The delivery stock is up 12% to a four-month high following better than expected earnings. Adjusted for one-time items, FedEx earned $663 million, or $2.53 a share verse estimates of $1.58 a share. Sales came in at $17.4 billion down slightly year over year, but surpassing estimates of $16.4 billion. JP Morgan upgraded FedEx with a $188 price target.
The pantries are still full. General Mills (GIS) is down 2% even though the company beat earnings and sales estimates. The company didn't provide a hard full-year forecast saying the largest factor for fiscal 2021 will be how strong the demand for at-home food consumption remains amid the pandemic. 85% of sales come from at-home food products.
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