Mon, Jul 1, 2024 3:46 PM
French shares up 2.8% as far right party takes lead in Round 1 of election
A Flip by Shubhangi Gupta
FedEx shares rose 18.1% in June after the company reported strong quarterly results and provided an upbeat outlook, alleviating concerns about the shipping industry's recent slump. FedEx beat top- and bottom-line expectations, with revenue up slightly from the previous year. The company forecasts low- to mid-single-digit revenue growth and earnings of $20-$22 per share for the new fiscal year.
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Forward Air's shares surged 13.3% in June after reports emerged that activist investor Irenic Capital Management acquired a 5% stake, pushing for change or a potential sale. The company's stock is down 70% YTD, hitting a 15-year low, but Irenic believes it could be acquired at a substantial premium. With new management and activist pressure, the stock may rise, but investors need to be patient.
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Rivian's shares surged 7% to $14.89 after the electric vehicle maker reported better-than-expected second-quarter production and delivery figures, with 9,612 vehicles produced and 13,790 delivered. The company affirmed its production goal of 57,000 vehicles for the full fiscal year, slightly above analysts' expectations. The positive news follows a partnership with Volkswagen.
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