Diamonds and Dogs
FedEx (FDX) firing on all cylinders. The delivery giant is up 4% to a four-month high on better than expected earnings and strong guidance. FedEx easily beat estimates as sales rose 23% to $21.5 billion. FedEx now estimates hitting 101 million delivered packages per day in 2022. Not bad.
Profit-taking in Nike (NKE). Nike is down 3% after its pandemic rebound suffered a setback last quarter, when supply-chain problems kept products from reaching North America, its biggest market. Nike's quarterly sales came in at $10.4 billion far below analysts' projections of $11 billion. Revenue in Europe also was disappointing, partly because many stores there remain shuttered due to the pandemic.
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