FedEx Gains 7% On Delivery Rate Hikes, Stephens Lifts PT

Shares of FedEx rose 6.6% on Friday after the courier company announced an increase in surcharge on international deliveries across certain destinations.An unprecedented surge in delivery volumes amid the COVID-19 pandemic has allowed FedEx (FDX) to raise its rates. Meanwhile, the revised surcharges are expected to mitigate the impact of higher costs that resulted from restrictions imposed by countries to contain the spread of the coronavirus pandemicOn August 6, FedEx said it will double the per kilo surcharge on parcels from Hong Kong to the US effective from August 10. It will also increase the surcharge on parcels from Taiwan …read more

Source:: Yahoo Finance