During Wednesday’s Current trade, Shares of FedEx Corporation (NYSE:FDX), lost -0.15% to $143.75.
FedEx Corp. (FDX) stated earnings of $2.42 per diluted share for the first quarter ended August 31, contrast to adjusted earnings of $2.12 per diluted share a year ago. Without adjustment, FedEx earned $2.26 per diluted share last year.
First Quarter Results
Operating results rose contrast to last year due to sharply raised operating income at FedEx Express, the benefit from one additional operating day at each of the company’s transportation segments and the continued positive impacts from the company’s profit improvement program. These benefits were partially offset by higher incentive compensation accruals, higher self-insurance reserves and operating costs at FedEx Ground, and lower-than-anticipated volume at FedEx Freight. Fuel had a slightly negative net impact to operating income. Costs related to the pending acquisition of TNT Express were immaterial during the quarter.
Outlook
FedEx now projects adjusted earnings for fiscal 2016 to be $10.40 to $10.90 per diluted share before year-end mark-to-market pension accounting adjustments, aided by benefits from the profit improvement program. The outlook assumes moderate economic growth and does not comprise any operating results or costs related to TNT Express. The capital spending forecast for the fiscal year remains $4.6 billion.
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company’s FedEx Express segment provides various shipping services for the delivery of packages and freight; international trade services specializing in customs brokerage, and ocean and air freight forwarding services; international trade advisory services, such as assistance with the customs-trade partnership against terrorism program; and customs clearance services, in addition to global trade data, an information tool that allows customers to track and manage imports.
Shares of PDL BioPharma Inc(NASDAQ:PDLI), inclined 3.61% to $5.45, during its current trading session.
PDL BioPharma, Inc. (PDLI) declared that Samuel R. Saks, M.D. has been designated to the company’s board of directors. Dr. Saks serves as a board member for several biotechnology and pharmaceutical companies.
Dr. Saks brings over 35 years of biotechnology administration experience to PDL. He is a board certified oncologist who most recently served as chief development officer for Auspex Pharmaceuticals, Inc., (“Auspex”) a position he held from 2013 until it was attained by Teva Pharmaceuticals Industries, Ltd. in May 2015. He has also served as a board member for Auspex from 2009 to 2015. Preceding to Auspex, Dr. Saks was a co-founder of Jazz Pharmaceuticals plc, where he was chief executive officer for six years. Before that, Dr. Saks served as company group chairman of ALZA Corp. (“ALZA”), and then take partd as a member of the Johnson & Johnson Pharmaceutical Group Operating Committee upon the merger of J&J and ALZA. Preceding to that, Dr. Saks held various positions with ALZA, most recently as its group vice president. Preceding to ALZA, Dr. Saks held clinical research and development administration positions with Schering-Plough Corporation, Xoma Corp. and Genentech, Inc. Dr. Saks presently serves on the boards of directors of TONIX Pharmaceuticals Holding Corp. and Depomed, Inc., both of which are publicly-traded pharmaceutical companies, in addition to private companies Bullet Biotechnology, Inc., Velocity Pharmaceutical Development, LLC., and NuMedii Inc. Dr. Saks holds a B.S. in Biology and an M.D. from the University of Illinois.
PDL BioPharma, Inc. manages a portfolio of patents and royalty assets in the United States and Europe. The company is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases.
Chambers Street Properties (NYSE:CSG), during its Wednesday’s current trading session decreased -0.15% to $6.86.
Chambers Street Properties (CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, recently declared it has accomplished one industrial and two office lease renewals totaling 814,614 square feet.
The leasing renewals are highlighted by an early office building renewal and five-year lease extension with Raytheon Company (“Raytheon”) for 602,794 square feet at Pacific Corporate Park located near Washington, D.C., extending the planned lease expiration through 2026. Raytheon is a leading technology firm specializing in defense, civil, government, and cybersecurity markets throughout the world.
The Company also executed an early renewal and extension with FMC Corporation (“FMC”) for the entire 110,765 square feet at the Company’s 701 & 801 Charles Ewing Boulevard office properties. With the execution of the lease, the lease was extended an additional six years for a fixed 15-year term expiring in 2030.
Chambers Street Properties is a equity real estate investment trust. The firm invests in the real estate markets of United States, United Kingdom, and Germany. It focuses on acquiring, owning and operating the properties.
Finally, Paychex, Inc.(NASDAQ:PAYX), gained 0.26%, to $46.15.
Paychex, Inc. (PAYX) is planned to release financial results for the fiscal 2016 first quarter ended August 31, 2015 via Business Wire before the financial markets open on Wednesday, September 30, 2015.
Paychex, Inc. provides payroll, human resource, insurance, and benefits outsourcing solutions for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that comprise the calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and administration reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients payroll obligations.
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