FedEx shares rebound on Wednesday, 55 000 workers to be hired for holiday shopping season

September 13, 2018 9:54 am

FedEx Corporation (FDX) announced on Wednesday that it intended to hire 55 000 temporary workers for the holiday shopping season. That means about 10% more temporary workers compared to 2017, when the package delivery company added approximately 50 000 seasonal jobs.

FedEx also said it would raise hours for some of its existing workers for the upcoming holiday season.

FedEx shares closed higher for the fourth time in the past eleven trading sessions in New York on Wednesday. It has also been the sharpest daily surge since August 27th. The stock went up 1.45% ($3.62) to $252.98, after touching an intraday high at $254.27, or a price level not seen since June 20th ($257.31).

Shares of FedEx Corporation have risen 1.38% so far in 2018 compared with an 8.05% gain for the underlying index, S&P 500 (SPX).

In 2017, FedEx Corp’s stock surged 34.02%, thus, it outperformed the S&P 500, which registered a 19.42% return.

FedEx said that it intended to expand ground-shipping operations across the United States to 6 or 7 days in a week for the duration of the holiday shopping season. At the same time, the six-day week throughout the company’s network in the United States is to be extended during the entire year.

Industry surveys have shown that factors such as stronger economy and more resilient labor market have urged shoppers to spend more on holiday gifting.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding FedEx Corporation’s stock price, have a median target of $290.00, with a high estimate of $360.00 and a low estimate of $245.00. The median estimate represents a 14.63% upside compared to the closing price of $252.98 on September 12th.

The same media also reported that 20 out of 28 surveyed investment analysts had rated FedEx Corporation’s stock as “Buy”, while 4 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the FedEx stock are presented as follows:

R1 – $253.50
R2 – $254.02
R3 (Range Resistance – Sell) – $254.54
R4 (Long Breakout) – $256.10
R5 (Breakout Target 1) – $257.93
R6 (Breakout Target 2) – $258.76

S1 – $252.46
S2 – $251.94
S3 (Range Support – Buy) – $251.42
S4 (Short Breakout) – $249.86
S5 (Breakout Target 1) – $248.03
S6 (Breakout Target 2) – $247.20

By using the traditional method of calculation, the weekly levels of importance for FedEx Corporation (FDX) are presented as follows:

Central Pivot Point – $244.89
R1 – $249.41
R2 – $252.84
R3 – $257.36
R4 – $261.87

S1 – $241.46
S2 – $236.94
S3 – $233.51
S4 – $230.07

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