According to an announcement by FedEx Corporation (FDX) on Tuesday, it intends to expand its fleet by adding 1 000 Chanje electric delivery vans, as it aims to save on fuel and to lessen the environmental impact of its vehicles.
FedEx shares closed lower for a third consecutive trading session in New York on Tuesday. It has also been the steepest daily loss since October 24th. The stock went down 2.19% ($4.96) to $221.34, after touching an intraday low at $220.03, or a price level not seen since November 12th ($218.77).
Shares of FedEx Corporation have retreated 11.30% so far in 2018 compared with a 1.19% drop for the benchmark index, S&P 500 (SPX).
In 2017, FedEx Corp’s stock surged 34.02%, thus, it outperformed the S&P 500, which registered a 19.42% return.
According to FedEx Corp, 100 of the Chanje V8100 vans are to be purchased from the startup firm based in Los Angeles, while the remaining vehicles are to be leased from truck rental firm Ryder System Inc.
When completely charged, the electric vans are expected to have a range of over 150 miles, the package delivery company said.
FedEx also said it would use the Chanje electric vans, which could carry cargo with maximum weight of 6 000 pounds, for its commercial and residential pick-up and delivery services in California.
According to CNN Money, the 26 analysts, offering 12-month forecasts regarding FedEx Corporation’s stock price, have a median target of $289.00, with a high estimate of $360.00 and a low estimate of $240.00. The median estimate represents a 30.57% upside compared to the closing price of $221.34 on November 20th.
The same media also reported that 21 out of 29 surveyed investment analysts had rated FedEx Corporation’s stock as “Buy”, while 3 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for FedEx Corporation (FDX) are presented as follows:
Central Pivot Point – $224.97
R1 – $231.18
R2 – $235.66
R3 – $241.87
R4 – $248.07
S1 – $220.49
S2 – $214.28
S3 – $209.80
S4 – $205.31
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