FedEx plummeted more than 20% on Friday, and it was the worst day ever for the stock, based on data going back to 1978, according to Dow Jones Market Data. I repeat the worst day for the stock since 1978!
The real reason for the drop is the demand for freight which dropped significantly. It isn`t funny to be a CEO when you know that your company has lost $11 billion in market value, but that`s a fact.
The company will take some essential steps to fix some of the problems. They will cut some costs. Cut worker’s hours. Park some aircraft, and close more than 90 FedEx Office locations.
CEO Raj Subramaniam isn`t optimistic about the economy and claims we will see a recession very soon. But he is not alone in saying so. The chief executive officer of McDonald`s Corp. said earlier this week he expects a minor US recession in 2023 and a more significant one in Europe.
Earnings from FedEx were worse than expected. Earnings came in at $3,44 a share, which is well short of the $5,10 average estimate of analysts. Revenue of $23,2 billion ended in August missed expectations. FedEx is trading at $161,02 on Friday.
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What a day in the stock market. Nasdaq plummeted 5,16%. That`s 632,84 points. Dow Jones and S&P 500 were also sharply down, followed by cryptos like Bitcoin. They all went down because the annual inflation rate in the US eased for a second straight month to 8,3% in August of 2022.
This is the lowest number in four months, so why did investors have so much panic? The rate is down from 8,5% in July. But it`s down from 9,1% in June, so, it’s on the way down. For all I know, it will continue the same path, and probably end up in the opposite direction; deflation in the long run.
The energy index increased by 23,8% (32,9% in July). Gasoline increased 25,6% (44% in July). Fuel oil increased 68,8% (75,9% in July).
Natural gas increased 33% vs 30,5%, and electricity was at the highest since August 1981, at 15,8%. Prices for food rose by 11,4%, and that is the most since 1979. The shelter is up 6,2%, which is the most since 1984.
CPI, which excludes volatile energy and food prices, increased 6,3% in a year. This is the most since March, and up markedly from 5,9% in June and July.
The Federal Reserve has done a lot to push down inflation because inflation over time could have dramatic consequences for consumers. The Fed has been hawkish when it comes to interest rate hikes this year.
They try to make it expensive for consumers to borrow, and the interest rate hikes will affect consumers’ interest rates like credit cards, loans, and mortgage rates.
CPI measures changes in the cost of consumer goods and is a key indicator of just how bad inflation is.
Economists anticipated a lower CPI in August, but the index rose 0,1% from the previous month and 8,3 on an annual basis. More rate hikes from the Fed will force consumers to change their lifestyles in the future.
The Fed looks at CPI when deciding whether to raise rates or not. Experts claim that we must expect the Fed to continue to be very aggressive when it comes to rate hikes. So, fasten your seat belts.
So far this year, the central bank has already raised rates by 225 basis points, and many investors are waiting for another 75 basis point rate hike at their meeting next week.
The cost of living is increasing. Higher electricity bills, food, gasoline, and gas prices are making it difficult for many, and it isn`t easy to borrow either. The cost of borrowing is also increasing. On the other side; the rate on your saving account is also increasing.
Experts predict that we could see many more months of rampant inflation.
The Fed funds futures are pricing in a 36% chance that the bank will raise its benchmark rate by a full percentage point. Nomura forecasted a 100 basis point hike in September.
Investors don`t like Fed`s hawkishness, and they are worried that the Fed`s inflation fight will bring in a recession. On the other hand; the Fed is also ramping up the unwinding of its balance sheet to $95 billion per month.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shinybull.com. The author has made every effort to ensure the accuracy of the information provided; however, neither Shinybull.com nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities, or other financial instruments. Shinybull.com and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Rafael Nadal, Iga Swiatek, Carlos Alcaraz, Coco Gauff, John McEnroe, and many more took to court in support of the Tennis Plays for Peace exhibition event ahead of the 2022 US Open.
The 2022 US Open runs from August 23 – September 11 in New York City at the USTA Billie Jean King National Tennis Center. The tournament takes place for the 142nd time and is the fourth and final Grand Slam of the year. Daniil Medvedev is the men’s singles reigning champion and Emma Raducanu is the women’s singles reigning champion. Last year, both players claimed their first Grand Slam title, with 18-year-old Raducanu becoming the first-ever qualifier to achieve the feat. This year’s tournament is set to feature a range of greats and future stars looking to add to their records and cement their place in tennis history.
Cameron Norrie had his biggest match in his lifetime on Friday. A semi-final of Wimbledon on Centre Court. Against one of the biggest stars in the tennis world right now; Novak Djokovic from Serbia.
Norrie is an outstanding player and started the match by winning 2-6. But, it stopped there. Djokovic took the three next rounds and smashed Norrie with 6-3, 6-2, and 6-4. Take a look at the highlights, and judge for yourself. And listen to the audience. This ladies and gentlemen is entertainment!
Novak Djokovic is now in his eighth career Wimbledon final, which will put him fourth on the list over men`s all-time list. Roger Federer is at the top of that list, so Novak has still a way to go to reach that top.
Not only that. Novak contests his 32nd grand slam final, and that is nothing more than a new men`s all-time record.
American Pete Sampras’ seven Wimbledon titles two decades ago, can be smashed on Sunday if Djokovic wins over Nick Kyrgios. If he does, he will be, after Roger Federer, the third player to match that record.
British William Renshaw was the first man to win seven championships, but Roger Federer is an eight-time champion, which is an all-time men`s champion.
Renshaw and Sampras both have seven finals, and if Djokovic wins on Sunday, he will join that 7-club.
For me, Wimbledon is Bjorn Borg from Sweden. I used to watch it when he was at the top. He won in 1976, 1977, 1978, 1979, and 1980. Damn. That was a good time with good memories. I can remember it as if it was yesterday.
Nick reached his first grand slam final on Thursday after Nadal was forced to withdraw from the scheduled match on Friday because Nadal had an abdominal injury. Sunday will be the biggest day in Nick`s tennis career.
Novak Djokovic was banned from Australia Open earlier this year. Now, he`s in the Wimbledon final. Sir Alex Ferguson and Wayne Rooney watched the game on Friday among thousands of other tennis enthusiasts.
It won’t be fewer people during the final on Sunday, but what about U.S Open? Will the superstar Novak Djokovic be banned by the Americans? If so, they will steal history, memories, and entertainment that won’t be forgotten.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shinybull.com. The author has made every effort to ensure the accuracy of the information provided; however, neither Shinybull.com nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities, or other financial instruments. Shinybull.com and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
This is a historic moment, but should not be a surprise for someone, because Thatcher and May did the same. They all survived a confidence vote, but only for a short period of time. And now, Prime Minister Boris Johnson is doing it. To resign. A series of ethical scandals forced PM Boris Johnson to step down. Even his most stalwart supporters abandoned him.
Margaret Thatcher resigned in 1990. Tony Blair stepped down in 2007. David Cameron in 2016, and Theresa May in 2019, and they`re all part of intense political drama. Theresa May was tearful as she expressed her gratitude for being able to serve the UK she loved.
In December 2019, Boris Johnson won a landslide victory on the promise of delivering a Brexit deal and leading the UK to a bright future outside the European Union. But Brexit and Covid-19 made it very difficult for Johnson and the UK.
Johnson described the job as a PM as the best job in the world, and he wanted to continue. But after nearly 60 members of his government stepped down, he was forced to do the same.
He had a speech in front of the famous 10 Downing Street door on Thursday and said that he would be stepping down. Just like his predecessors Thatcher and May when they delivered their own resignation addresses.
«It is clear now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore, a new prime minister,» Boris Johnson said.
His opponents said it was good news for Great Britain that Johnson decided to resign. They also believe that it should have happened long ago.
He was responsible for lies, scandals, and fraud on an industrial scale, Stamer said on Twitter.
Former British Prime Minister John Major said it would be «unwise and may be unsustainable» for Johnson to remain in the office of prime minister for long while a new Conservative leader is chosen. He too suggested Raab could serve as the acting prime minister.
The last thing PM Boris Johnson said in his speech on Thursday was that «the future together is golden».
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shinybull.com. The author has made every effort to ensure the accuracy of the information provided; however, neither Shinybull.com nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities, or other financial instruments. Shinybull.com and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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