Why Shares of FedEx Are Up Today

Shares of FedEx (NYSE: FDX) gained 13% at the open on Wednesday after the transport and shipping giant reported better-than-expected quarterly results. The COVID-19 pandemic continues to weigh on the global economy, and with it shipping stocks, but FedEx is making progress managing through the crisis. After markets closed Tuesday, FedEx reported fiscal fourth-quarter earnings of $2.53 per share on revenue of $17.4 billion, easily besting consensus analyst estimates for $1.52 per share on sales of $16.5 billion.