FedEx, reported quarterly results at 7:30 EDT this morning. The company exceeded estimates with earnings posting $2.13 a share when forecast was for $1.96. The revenues were in line with expectations. The company says its still struggling with economic growth as it has experienced a shift away from its more expensive shipping options. However, company reported improvements in both its FedEx Express and FedEx Freight businesses. FedEx stock has been raising about 5% year-to-date.
Adobe, which is up 7% following the release of its quarterly results. Adobe was expected to post earnings of $0.34 a share on $1.01 billion worth of revenue. It beat by a penny on earnings and matched on revenues. According to the company, demand is rising for “Creative Cloud,” the subscription version of its flagship software package. Adobe is up almost 23% year-to-date.
La-Z-Boy, a furniture manufacturer, also reported earnings after the trading day yesterday. Shares climbed 6% ahead of the report, but they were offset by later decline in trading. La-Z-Boy beat estimates posting earnings of $0.33 a share. However, the company says higher expenses have been compensating improved sales. La-Z-Boy stock is up 35% year-to-date.
Next is Micron Technology (MU) which is slightly in green zone. Micron will be releasing quarterly results after the closing of trade. The company is expected to post profits of 2-cents a share, an improvement from a year ago when it lost 32-cents. Revenue is expected to be slightly raising.
Tesla gained 2% of share price after todays opening. The company reported a withdrawal of some S series models which are expected to have back seat issues. Company gained the impressive 211.10% of share price since start of the year.
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