FedEx’s stock rises after $1 billion accelerated buyback program announced
Shares of FedEx Corp.
FDX,
climbed 0.5% in premarket trading Tuesday, after the package-delivery company announced a $1 billion accelerated share repurchase program. The ASR agreement represents about 1.6% of FedEx’s market capitalization of $61.98 billion as of Friday’s close. The company said the repurchases will be completed no later than Feb. 29. When the company reported fiscal second-quarter results last week, FedEx said it planned to buy back $1 billion worth of stock in 2024. FedEx’s stock has run up 43.2% year to date through Friday, while shares of rival United Parcel Service Inc. have lost 9% and the S&P 500
SPX,
has gained 23.8%.
