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Tech Slump & FedEx Woes Spark The Market!

Updated 27.6.2023 15:16

It was predicted that tech stocks would soar into 2023, however, for some tech giants and other monopolies we are seeing varying results.

Shipping giant FedEx and motorhome maker Winnebago were also notable. FedEx shares fell over 2% following weaker-than-expected revenue for the most recent quarter last week. Despite beating earnings expectations, Winnebago’s shares slid 1% as it missed Q3 revenue estimates​​.

Looking more closely at FedEx’s performance, the company posted a significant weakness in its Express unit. Despite aggressive cost-cutting measures and higher package delivery rates, the company’s sales and profit fell in Q2 2023 compared to the year-ago period. FedEx managed to cut $1 billion beyond what it forecast in September and expects to save a total of $3.7 billion by the end of the fiscal year. In addition, an adjusted Diluted EPS of $14.96​1​.

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In other news, Winnebago, the company exceeded earnings expectations but fell short on Q3 2023 revenue. The RV maker posted revenues of $900.8 million, missing estimates by 5.24%. This is a significant decrease compared to the year-ago revenues of $1.46 billion. However, Winnebago shares have performed well overall, up about 21.8% since the beginning of the year​​.

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Wheat futures and robusta coffee prices have grown significantly in the commodities market. Wheat futures are almost 22% higher in June, on track to advance for the first time in nine months. Robusta coffee prices have climbed to the highest since the summer of 2011. Agricultural commodities and their ETFs have posted solid monthly returns in June, with the Teucrium Wheat Fund and the Invesco DB Agriculture Fund being notable performers​.

For investors, these developments serve as a reminder of the stock market’s inherent volatility. With the Federal Reserve signalling more rate hikes later this year, staying informed and strategizing accordingly is crucial. 

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Disclaimer: Wealthy VC does not hold a long or short position in any of the stocks mentioned in this article.

Justin Hopper

Justin Hopper is an editor of the digital media at Wealthy VC and TCI. If you have questions don't hesitate to reach out! Twitter | Email

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