Two days do not make a trading trend. But for the second consecutive session, FedEx Corp. shares are spiking.
Near the close of trading Thursday, FedEx (NYSE: FDX) shares were up nearly 6.3%, or more than $12 a share. This comes on the heels of a 4.2% gain as of the closing bell Wednesday.
The catalyst for the cumulative share gains was Wednesday’s announcement that the Memphis, Tennessee-based company would lay off at least 10% of its global director and officer workforce as part of an ongoing plan to eliminate 12,000 employee positions — some of them empty spots that won’t be filled — by the end of its 2023 fiscal year on May 31, 2024.