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Benzinga
Benzinga
Business
Adam Eckert

What Does FedEx's Earnings Miss Mean For Amazon? 'Expect Some Share Gains'

Amazon FedEx BofA NYSE FedEx Corp Amazon.com Inc. BofA Securities

FedEx Corp (NYSE:FDX) shares fell last week after the company reported weak preliminary results. Although the FedEx miss suggests softness across e-commerce as a whole, BofA Securities analysts see opportunity in Amazon.com Inc (NASDAQ:AMZN).

What Happened: FedEx said its fiscal first-quarter results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter. As a result, the company withdrew its fiscal year 2023 earnings forecast and said it expects business conditions to weaken further in the second quarter.

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