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Pre-Bell|Dow Futures Slumped Over 200 Points; FedEx Tumbled 20%

Tiger Newspress2022-09-16

U.S. stock index futures slipped on Friday, extending falls from overnight, after logistics industry bellwether FedEx withdrew its financial forecast and recession warnings from the World Bank and the International Monetary Fund.

Market Snapshot

At 07:47 a.m. ET, Dow e-minis were down 224 points, or 0.72%, S&P 500 e-minis were down 32 points, or 0.82%, and Nasdaq 100 e-minis were down 116 points, or 0.97%.

Pre-Market Movers

FedEx(FDX) – FedEx tumbled 20.3% in premarket trading after issuing a profit warning due to declining package delivery volumes around the world. The news has exacerbated fears of a slowing global economy, weighing on shares of other logistics companies likeUnited Parcel Service(UPS), down 6.8%, andXPO Logistics(XPO), down 4.2%.

International Paper(IP) – The packaging and paper products company was downgraded to “underperform” from “hold” at Jefferies, which pointed to decelerating orders and an inventory glut in the industry. For similar reasons, Jefferies cutPackaging Corporation of America(PKG) to “underperform” from “hold” and cut earnings estimates forWestRock(WRK). Sentiment surrounding the packaging companies is also being hit by the FedEx profit warning. International Paper slid 4.6% in premarket action, Packaging Corp. dropped 4.3% and WestRock lost 2.3%.

Uber Technologies(UBER) – Uber said it was investigating a cybersecurity incident after a hacker claimed access was gained to the ride-sharing company’s computer systems. Uber fell 4% in the premarket.

AstraZeneca(AZN) – AstraZeneca gained 1.6% in premarket trading after the drug maker received EU approval for its Covid-19 antibody cocktail.

General Electric(GE) – GE slid 4.5% in the premarket after Chief Financial Officer Carolina Dybeck Happe told an investment conference that supply chain issues are still affecting the company’s ability to deliver products to customers in a timely manner. As a result, the company’s cash flow remains under pressure.

NCR(NCR) – NCR plunged 15.8% in premarket action after announcing plans to separate into two separate publicly traded companies. One company will focus on digital commerce, the other on NCR’s flagship ATM business.

Extra Space Storage(EXR) – The operator of self-storage properties announced a deal worth $590 million to acquire rival Storage Express. Extra Space Storage rose 2.9% in the premarket.

Alcoa(AA) – Alcoa gained 1.1% in premarket trading after Morgan Stanley upgraded the aluminum producer to “overweight” from “equal-weight”. Morgan Stanley is cautious about the mining sector despite strong balance sheets and cheap valuations but sees “deep value” opportunities in Alcoa and some others.

Market News

GE CFO Flags Continued Supply-Chain Pressure

General Electric's chief financial officer said at an investor conference that the company is seeing continued supply-chain pressure, putting the conglomerate under pressure in preopen trade on Friday.

Speaking at a Morgan Stanley investor conference, CFO Carolina Happe said those persistent pressures are resulting in deliveries moved later in the quarter.

Uber Probes Hacker’s Claim to Have Penetrated Internal Databases

Uber Technologies Inc. has shut down internal Slack messaging as it investigates a cybersecurity breach by a hacker claiming to have accessed the company’s data.

Employees on Thursday received a Slack message from an unknown person claiming “I am a hacker,” according to one person with knowledge of the matter. The perpetrator co-opted a staff member’s account and claimed to have gained access also to internal databases, the person said.

FedEx Flags Hit From Economic Slowdown, Withdraws Outlook

FedEx Corp on Thursday said its fiscal first-quarter results were hit by a global volume softness that accelerated at the end of the period, and withdrew its financial forecast, saying it expected further deterioration of business conditions in the fiscal second quarter.

FedEx said it expects business conditions to further weaken in the second quarter despite ongoing cost-reduction actions.

Bed Bath & Beyond Lists First 56 Stores Slated for Closure

Bed Bath & Beyond provided a detailed list of locations it plans to close as part of its effort to cut costs.

Bed Bath (BBBY) listed 56 locations slated for closure including locations in Stamford, Connecticut, Paramus, New Jersey, Tucson, Arizona and Sandusky, Ohio, according to a posting on the retailer's website.

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Comment21

  • Kucing
    ·2022-09-16
    Wah
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    • Kucing
      Good
      2022-09-16
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    • Kucing
      Good
      2022-09-16
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  • xavjy
    ·2022-09-16
    Ok
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      ok
      2022-09-16
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  • jeffilim
    ·2022-09-16
    Thats bad
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  • SteadyDoesIt
    ·2022-09-16
    Another wild trading day
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  • Yishun123
    ·2022-09-16
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    ·2022-09-16
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    ·2022-09-16
    L
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      Ok
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      c
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    ·2022-09-16
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  • Goldlim
    ·2022-09-16
    Like pls
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      ok
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  • 1nquisit0
    ·2022-09-16
    Please like
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      ok
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  • YewKhoon
    ·2022-09-16
    Like pls 
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    ·2022-09-16
    Pls like
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  • lyj1999
    ·2022-09-16
    Ya
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      kk
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  • WalkerWoon
    ·2022-09-16
    Ok
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    ·2022-09-16
    Please like. Thanks 
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  • OngCK
    ·2022-09-16
    Like and comment pls 
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      👍
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  • linthu
    ·2022-09-16
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  • BullishKing
    ·2022-09-16
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