FedEx shares jump after parcel giant says it will spin off freight division
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FedEx shares rose over 7% in premarket trading after the company announced plans to spin off its freight division, creating two independent public companies. CEO Raj Subramaniam stated the separation is timely due to LTL market dynamics and aims to be tax-efficient for shareholders, expected within 18 months. Analysts from Raymond James and Loop Capital upgraded FedEx's stock ratings and price targets, viewing the spin-off as a value-unlocking event. FedEx reported Q2 earnings matching estimates but missed revenue expectations, while ongoing restructuring efforts continue.
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