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Stocks trending after hours: Costco, FedEx, DocuSign and more

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FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after warning in preliminary fiscal first-quarter results of weakening demand. FedEx released its fiscal first-quarter results in an 8-K before the close 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’re moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand,” FedEx CEO Raj Subramaniam wrote in the release, adding “as our team continues to work aggressively to address near-term headwinds, we’re meaningfully strengthening our business and customer experience, including delivering an outstanding peak.”

FedEx announced 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’s 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 totaled $222.73 billion, a 16% increase from a year ago.

Cano Holdings (CANO), Humana (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%. The agreement could reportedly be reached in the next several weeks.

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

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

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Motley Fool

Why Freshpet Stock Suddenly Skyrocketed Today

Shares of pet food company Freshpet (NASDAQ: FRPT) suddenly skyrocketed around 3:30 p.m. ET on Thursday, following a surprising report from The Wall Street Journal. According to The Wall Street Journal, investment management firm Jana Partners has acquired almost a 10% stake in Freshpet. The firm reportedly believes Freshpet can make operational improvements and ultimately sell itself to a larger company.

Reuters

Costco tops quarterly results on robust consumables demand

(Reuters) -Costco Wholesale Corp topped Wall Street estimates for quarterly results on Thursday, helped by strong demand for its fresh food, candies and fuel offerings despite rising inflation. However, the company’s gross margins for the reported quarter were squeezed as it battles higher freight and labor costs due to rising inflation and global supply chain snags, sending its shares down about 3% in extended trading. Costco benefits from strong spending by well-to-do Americans with club memberships even as lower-income consumers spend lesser, hit by rising prices of everything from edible oils to gas due to the Ukraine war and supply chain disruptions.

Benzinga

Nvidia Analyst Finds It Pushing The Envelope For More Incredible AI Adoption

Mizuho analyst Vijay Rakesh reiterated a Buy on Nvidia Corp (NASDAQ: NVDA) with a price target of $205. NVDA hosted GTC 2022 with a keynote delivered by CEO Jensen Huang, followed by analyst Q&A. Also Read: Nvidia’s Higher Gaming GPU Prices Raises Analyst Conviction. However, Some Remain Concerned Over Demand And China Ban His key takeaways included Hopper production ramping, a 40xx series launch for high-end gaming, continued under-ship current Gaming demand amid Ada 40xx launch, and Thor launc

SmartAsset

The Smart Way to Invest $100,000 for Retirement

If you have $100,000 to invest, you have many options to consider. We break down how to invest $100,000 to earn returns for your future goals.

Motley Fool

Why Airbnb Stock Was Down This Morning

Shares of Airbnb (NASDAQ: ABNB) were sliding today as the travel stock reacted to yesterday’s interest rate hike from the Federal Reserve and hawkish commentary on ongoing rate hikes as the central bank seeks to rein in inflation. As an expensive travel stock, Airbnb has greater sensitivity to interest rates than most of the market. Travel, especially the vacation/personal travel that Airbnb specializes in, is one of the more discretionary categories of consumer spending.

MarketWatch

DocuSign hires Google vet as CEO

DocuSign on Thursday said its board hired Allan Thygesen as its new chief executive. The electronic-signature platform said Thygesen would take the helm and assume a role on its board of directors on Oct. 10. He will replace Mary Agnes “Maggie” Wilderotter as CEO. Wilderotter will stay on as chairman of DocuSign’s board. Thygesen will join the company from Alphabet’s Google, where he worked as president, Americas & global partners and led the search giant’s ad business in North and South America

Reuters

FedEx outlines cost-cutting plan after profit miss

(Reuters) -FedEx Corp on Thursday outlined cost cuts of up to $2.7 billion from parking planes, suspending some Sunday deliveries and shuttering corporate offices after falling demand hammered first-quarter profits. The company reported that earnings per share fell 21.3% for the quarter ended Aug. 31, in line with the warning it delivered last week. FedEx executives faced pointed questions on a call with analysts.

MarketWatch

If the market passes this upcoming test, stocks will be poised to move higher. We’re not there yet.

Consider all the attention given to a possible “double bottom.” A double bottom occurs when the market forms an initial low, rallies for a while, subsequently falls back to that initial low but doesn’t fall significantly lower, and then begins a major new leg up. The comments about double bottoms made by Robert Edwards and John Magee, authors of the Bible on technical analysis entitled “Technical Analysis of Stock Trends,” are telling.

Costco Stock Is Slumping After Earnings. Why It’s Time to Buy the Dip.

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