FedEx gets caught in a trade-war vise, says AntonyMCurrie:
FedEx sued the U.S. Commerce Department on June 24 to stop it from holding the company liable if it ships goods prohibited under export rules. The U.S. government recently prohibited certain U.S. technological goods from being sold to a number of Chinese companies. UPS said on June 25 that it would not join its rival’s lawsuit.
FedEx is also under investigation in China after two parcels headed for addresses related to Chinese technology firm Huawei were diverted to the United States. The company also returned a package containing a Huawei phone to its sender in the United Kingdom, rather than delivering it to the United States.
FedEx reported fourth-quarter adjusted net income of $1.3 billion after the market closed on June 25, 17.5% lower than in the same period last year. At $5.01 a share, adjusted earnings beat the mean estimate of sell-side analysts of $4.85 a share. Revenue matched the mean estimate of $17.8 billion. Huawei in May was added to a U.S. government list of people and companies believed to pose a risk to the United States.
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