Coffee Break – Outlook for Profit Boosts FedEx Stock
FedEx Corp. shares took off Wednesday after executives said the Memphis-based package-delivery firm will earn more profits in the first quarter of its fiscal year than they had expected.
Stock in the company rose $3.12 a share to $87.87 during normal trading hours.
Executives said late Tuesday that FedEx will report quarterly earnings of $1.23 a share. Their previous “guidance” had been 80cents to $1 for the three months ended Aug. 31.
Despite the break in fuel costs, FedEx did not change its profit projection for the period ending May 31, 2009 – $4.75 to $5.25 a share – citing the continued weak economy.
In a research note, Art Hatfield, an analyst with Memphis-based Morgan Keegan, raised his profit estimate for the year to $5.25.
“Shares are fairly valued, given the economic environment and fuel price volatility,” Hatfield said.
Hope House honored
IBM will give the Hope House staff of 16 an award today for their part in AIDS research through IBM’s World Community Grid.
Ceremonies will be at 12:30 p.m. at Hope House, 23 S. Idlewild.
The agency, which helps the children of AIDS- or HIV-infected parents and the parents themselves, was a founding partner of the project and contributed five years worth of computer time from its idle computer cycles for research use through the grid.
Wharton will speak
Shelby County Mayor AC Wharton will be the featured speaker at Friday’s Southern Heritage Classic Nike Classic Coaches Luncheon.
Wharton agreed to fill in after Cathy Hughes, founder of Radio One and TV One, had to cancel because of personal reasons, SHC founder Fred Jones said.
The luncheon, which will also feature Tennessee State coach James Webster and Jackson State coach Rick Comegy, will be at noon in the Heritage Ballroom at the Memphis Marriott Downtown.
Teacher workshops set
The Center for Economic Education at University of Memphis will have workshops this fall for teachers.
“K-2 Can Do! Math and Economics,” Oct. 4.
“Economics in Children’s Literature,” Nov. 1.
“Focus on Economics: Grades 3 to 5 Teachers.” Nov. 15.
“Geography: Focus on Economics (middle and high school teachers)”, Dec. 6.
All the sessions run from 9 a.m. to noon in the Teaching and Learning Academy, 2485 Union.
For details or to register, go to econedcenter.org (http:// www.econedcenter.org/index2.html) or call Dr. Julie Heath at 678- 5927.
“Genius is 1 percent inspiration and 99 percent perspiration. Accordingly, a genius is often merely a talented person who has done all of his or her homework.”
Originally published by The Commercial Appeal .
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