Reuters Insider - U.S. Day Ahead: FedEx profit predicted to fall

Federal

16/09/2019 21:03

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Source: Reuters Insider

Description: FedEx reports after the closing bell. Analysts are looking for a
slight rise in revenue and a decline in quarterly profit. We also hear from
Adobe.
Short Link: https://tmsnrt.rs/32GV2wI

Video Transcript:

Welcome to your Day Ahead, I am Leah Duncan. We will track oil markets closely
after the attack on the Saudi refinery over the weekend. We will also follow
Apple's EU court appearance as it tries to overturn an order to pay EUR13
billion in back taxes. And here's what else we're watching: first up, Federal
Reserve policymakers begin a two-day meeting. The latest economic reports they
will have to review include Industrial Production which is seen returning to
growth in August along with the Manufacturing Output portion of the report.
Manufacturing output is down close to 2% since December. In July, the decline
in factory output was broad-based. Next up, Adobe reports after the closing
bell. Broker Cowen is looking for the software company to post revenue and
earnings that roughly match expectations. Its surveys, however, show signs of
slowing growth which it thinks could hurt margins in the current quarter.
Shares have climbed roughly 25% year to date. Cowen has a 'market perform'
rating and a $285 price target, about where it is currently trading. And FedEx
also releases its quarterly update after the market close. Analysts predict
sales will grow slightly while profit will decline due to weakness at its
Express unit which accounts for more than half of its revenue. Last month,
FedEx said it was ending its contract with Amazon for ground delivery as the
retailer continues to build out its own delivery network. Shares have risen
only 6% year to date. And that is your Day Ahead, I'm Leah Duncan and this is
Reuters