15:49 ET -- FedEx Corp. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. After the bell Thursday, the package-delivery company said it would raise shipping rates by 6.9% in the face of a slowdown in its business. FedEx also said it expects to generate between $2.2 billion and $2.7 billion in savings this fiscal year from a plan announced last week to park aircraft, suspend Sunday deliveries and close some offices. On Friday, several analysts lowered their price targets on FedEx stock, including Credit Suisse, who cut its target to $236 a share from $246, and Goldman Sachs, who now expects $215 a share instead of $250, as reported by Benzinga. FedEx stock was trading lower near the end of Friday's regular session amid a broad market selloff. Dow Jones & Co. owns Factiva. (stephen.nakrosis@wsj.com)

 

(END) Dow Jones Newswires

September 23, 2022 16:05 ET (20:05 GMT)

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