Costco, FedEx, DocuSign and more

FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after warning in preliminary fiscal first-quarter results of weakened demand. FedEx released its fiscal first-quarter results in an 8-K before the end of trading Thursday, sending shares up 0.8%.

The company outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. “We are moving with speed and agility to address a difficult operating environment, leveraging costs, commercial and resource capacity to adjust to the impact of reduced demand,” FedEx CEO Raj Subramaniam wrote in the release, adding “as our team continues to work hard to address the near-term, we are meaningfully strengthening our business and customer experience, including delivering a world-class peak.”

FedEx announced that its Express, Ground and Home Delivery rates will increase by an average of 6.9% effective January 2, 2023.

costco (COST): The retail giant reported fiscal fourth-quarter earnings and revenue that beat Wall Street estimates as annual sales topped $200 billion for the first time. Costco reported fourth-quarter earnings of $4.20 per share on revenue of $72.09 billion. Annual sales were $222.73 billion, up 16% from a year ago.

Cano Holdings (CANO), human (HUM): Humana is considering a deal to buy Cano Health, according to the Wall Street Journal. Shares of Cano Health surged on the news, closing up 32%. It is reported that an agreement could be reached in the next few weeks.

Fresh pet (FRPT): Activist investor Jana Partners has taken a 10% stake in the pet food company and plans to push for changes including a possible sale, according to the Wall Street Journal. Freshpet shares are amid wider market volatility with the stock down 70% over the past year.

DocuSign (DOCU): The company announced former Google executive Allan Thygesen as its new CEO with effect from 10 October. DocuSign Board Chairman Maggie Wilderotter wrote in a statement, “The Board believes Allan is the right leader to help DocuSign continue to capture the tremendous market opportunity ahead. Allan Thygesen replaces Dan Springer, who stepped down from the role in June.

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