Movers: Cryptocurrencies, FedEx, Pandora, Rivian Automotive, Winnebago

Scott Peters
21 Jun, 2023
New York City

FedEx Corp declined 3% to $224.01 after the parcel delivery company grounded additional planes because of lack of demand. 

FedEx reported weaker-than-expected quarterly revenue but adjusted earnings were ahead of market expectations. 

Revenue in the fiscal fourth quarter ending in May declined 10% to $21.9 billion from $24.3 billion and net income increased to $1.5 billion from $558 million and diluted earnings per share rose to $6.05 from $2.13 a year ago. 

For the fiscal year 2023, revenue declined 4% to $90 billion from $93.5 billion and net income increased 8% to $3.9 billion from $3.8 billion and diluted earnings per share increased to $15.48 from $14.33 a year ago. 

The company forecasted capital spending of $5.7 billion in the fiscal 2024 and estimated diluted earnings per share between $15.0 and $17.0 before accounting for mark-to-market retirement plans adjustments and estimated revenue percentage growth between "flat to low single digit" from the previous year. 

Rivian Automotive Inc increased 1.6% to $15.70 after the company announced that its customers will be able to charge vehicles made by the company using Tesla electric charging stations next year. 

Winnebago Industries, Inc declined 8.1% to $59.01 after the maker of RVs reported sales declined 38% in its latest quarter because of heavier discounting and macroeconomic headwinds. 

Revenue in the fiscal third quarter ending in May declined 38.2% to $900.8 million from $1.5 billion and net income declined 49% to $59.6 million from $117.2 million and diluted earnings per share fell to $1.71 from $3.57 a year ago. 

On May 17 the company declared a quarterly cash dividend of 27 cents per share payable on June 28 to shareholders on record June 14. 

The company completed repurchases of $20 million shares during the third quarter. 

Cryptocurrencies linked stocks advanced after Bitcoin continued to scale higher. 

Coinbase Global increased 2.5% to $58.41, MicroStrategy advanced 3.3% to $323.31 and Riot Platforms Inc surged 4.4% to $11.79. 

Pandora AS increased 2.7% to DKK 580.80 after the Danish jewelry designer launched a DKK 2.6 billion or $381 million stock buyback plan following the ending of DKK 2.4 billion.