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Stocks - Fedex Falls; General Mills Rises in Premarket on Mixed Earnings

Published 12/18/2019, 08:37 PM
Updated 12/18/2019, 09:16 PM
© Reuters.
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Investing.com -- Stocks in focus in premarket trade on Wednesday, 18th December. Please refresh for updates.

  • 7:45 AM ET: FedEx (NYSE:FDX) stock was down 7.6% after publishing a 40% drop in profit in its fiscal second quarter, due in part to Amazon.com (NASDAQ:AMZN) pivoting from customer to rival in the delivery space. Revenue fell 3% to $17.3 billion, also short of consensus forecasts.

  • FedEx (NYSE:FDX) also cut its full-year earnings per share forecast by nearly 10% to a range around $10.88 a share.

    • 8:11 AM ET: Tesla (NASDAQ:TSLA) inched up 0.1% after Bloomberg reported that it is considering cutting prices for its Chinese-made cars by 20% next year, in part by sourcing more parts locally so as to avoid import tariffs.

  • 07:57 AM ET: General Mills (NYSE:GIS) stock was up 2.5% after the maker of Cheerios reported a 7% rise in operating profit in constant currencies.

  • Net earnings per share rose more sharply, reflecting high restructuring costs a year earlier. Organic net sales rose only 1%, however, leaving revenue nearly flat at $4.4 billion.

  • The company reaffirmed its guidance for the full fiscal 2020 year.

    • 7:50 AM Fiat Chrysler Automobiles (NYSE:FCAU) ADRs were down 0.9% after the company agreed merger terms with France’s Peugeot (PA:PEUP). Under the agreed deal, FCA shareholders will still get their 5.5 billion euro ($6.1 billion) special dividend before completion.

  • In addition, the company will cancel all double voting rights currently held by strategic shareholders, a move which will limit the French government’s influence. Strategic shareholders in the combined group will receive new double voting rights after three years.

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