Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images Previous Coverage In my prior coverage of FedEx Corporation ( FDX ), I rated the stock a HOLD as I wanted to see what the next earnings call would bring. In that earnings report, I was looking for updates on the tariff situation, the company's DRIVE savings/optimization program, and to see if demand had rebounded in the freight divis...
Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images Previous Coverage In my prior coverage of FedEx Corporation ( FDX ), I rated the stock a HOLD as I wanted to see what the next earnings call would bring. In that earnings report, I was looking for updates on the tariff situation, the company's DRIVE savings/optimization program, and to see if demand had rebounded in the freight division. We'll examine all of those shortly, along with today's earnings call, but first let's see what the share price has done since my last write-up . As clearly indicated on the chart below, FedEx has again vastly outperformed the broad U.S. equity market over the past few months, as measured by SPY , climbing more than 25%, compared to a small decline for SPY. As noted above, the company announced their Q3 2026 earnings today, so with that, let's revisit FDX and see how the earnings were digested by the market and where the company might go from here. Data by YCharts Q3 2026 Earnings On Thursday, March 19th, FedEx announced their Q3 2026 earnings with a double beat. The company posted non-GAAP earnings per share of $5.25, blowing past expectations by $1.12, on revenue of $24B, which also exceeded analyst estimates by more than $500M and was a year-over-year increase of 8.1%. The Federal Express segment earned the bulk of the revenue at $21.1B for the quarter, an increase of 10%. A strong U.S. market was the main reason for the increase, along with positive foreign currency translation. Results for the International portion of this segment were solid, with an overall 8% increase, mainly stemming from priority packages, which saw their revenue rise by 13%, while economy packages contributed a minimal amount. Total operating income for Federal Express grew by 21%, from $1.29B to $1.57B, while the operating margin expanded by 70 bps to close out the quarter at 7.4%. The growth in operating income and, to a lesser extent, the operating margin, was due to increased demand, coupl...
Oil prices are rising (in case you haven't noticed). Brent crude prices that closed below $73 on Feb. 27 briefly touched $118 a barrel on Thursday, and is now at $108 early Friday. WTI crude -- oil extracted far from the Persian Gulf, but that's still tied to global market prices -- came close to hitting $100 a barrel, settling around $94 Friday morning. The implications for gasoline prices are ob...
Oil prices are rising (in case you haven't noticed). Brent crude prices that closed below $73 on Feb. 27 briefly touched $118 a barrel on Thursday, and is now at $108 early Friday. WTI crude -- oil extracted far from the Persian Gulf, but that's still tied to global market prices -- came close to hitting $100 a barrel, settling around $94 Friday morning. The implications for gasoline prices are obvious. Before the U.S. and Israeli attacks on Iran on Feb. 28, gasoline prices in the U.S. averaged $2.95 per gallon, according to data from GasBuddy.com. By Tuesday, that had risen to $3.84 per gallon, a 30% increase. Assuming you own a car, you've probably noticed this increase already. But here are five more ways you can expect the rising cost of oil to affect your daily life. 1. Grocery prices Groceries were already getting more expensive before war broke out in Iran. According to U.S. Bureau of Labor Statistics data, after falling 1.4% in January, food prices shot up 2.4% in February. Expect food prices to rise further this month and next (and as long as oil prices stay high). Why? Because food arrives at the grocery store in trucks. And trucks burn gas and diesel to get it there. 2. Airline tickets Think it costs a lot to fill up your car lately? Be glad you don't drive a Boeing 737. According to ABC News, jet fuel costs are up nearly twice as much as ordinary gasoline, surging 57% to $3.93 per gallon since the war began. ABC's prediction: "It's not a question of if airfares will rise because of higher fuel costs, but when, for how long, and by how much." 3. Heating and electricity bills With winter on the wane, higher oil and gas prices are at least arriving at the right time to minimize their effect on the U.S. economy and on household budgets. That's the good news. The bad news is that the cost of heating a home was already looking steep. Winter started with a December 8% colder than usual in the U.S., says the National Oceanic and Atmospheric Administration. By Fe...
Key Points Brent crude prices topped $100 this week, and WTI almost did. Oil prices drive gasoline prices -- and much, much more. Oil stock prices already seem to foresee an end to the war. 10 stocks we like better than ExxonMobil › Oil prices are rising (in case you haven't noticed). Brent crude prices that closed below $73 on Feb. 27 briefly touched $118 a barrel on Thursday, and is now at $108 ...
Key Points Brent crude prices topped $100 this week, and WTI almost did. Oil prices drive gasoline prices -- and much, much more. Oil stock prices already seem to foresee an end to the war. 10 stocks we like better than ExxonMobil › Oil prices are rising (in case you haven't noticed). Brent crude prices that closed below $73 on Feb. 27 briefly touched $118 a barrel on Thursday, and is now at $108 early Friday. WTI crude -- oil extracted far from the Persian Gulf, but that's still tied toglobal marketprices -- came close to hitting $100 a barrel, settling around $94 Friday morning. The implications for gasoline prices are obvious. Before the U.S. and Israeli attacks on Iran on Feb. 28, gasoline prices in the U.S. averaged $2.95 per gallon, according to data from GasBuddy.com. By Tuesday, that had risen to $3.84 per gallon, a 30% increase. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Assuming you own a car, you've probably noticed this increase already. But here are five more ways you can expect the rising cost of oil to affect your daily life. 1. Grocery prices Groceries were already getting more expensive before war broke out in Iran. According to U.S. Bureau of Labor Statistics data, after falling 1.4% in January, food prices shot up 2.4% in February. Expect food prices to rise further this month and next (and as long as oil prices stay high). Why? Because food arrives at the grocery store in trucks. And trucks burn gas and diesel to get it there. 2. Airline tickets Think it costs a lot to fill up your car lately? Be glad you don't drive a Boeing 737. According to ABC News, jet fuel costs are up nearly twice as much as ordinary gasoline, surging 57% to $3.93 per gallon since the war began. ABC's prediction: "It's not a question of if airfares will rise because of higher fuel costs, but when, f...
The Apple Inc. stock (ISIN: US0378331005) closed at 248.96 USD on Nasdaq on March 19, 2026, amid key developments including a favorable US patent ruling for its redesigned Apple Watch and a high-level meeting between Apple CEO Tim Cook and China's Commerce Minister. These events highlight ongoing regulatory pressures in wearables and Apple's critical China exposure. German-speaking investors shoul...
The Apple Inc. stock (ISIN: US0378331005) closed at 248.96 USD on Nasdaq on March 19, 2026, amid key developments including a favorable US patent ruling for its redesigned Apple Watch and a high-level meeting between Apple CEO Tim Cook and China's Commerce Minister. These events highlight ongoing regulatory pressures in wearables and Apple's critical China exposure. German-speaking investors should monitor supply chain risks and AI growth catalysts closely. A US federal judge ruled on March 19, 2026, that Apple's redesigned Apple Watch does not infringe on Masimo Corp's blood oxygen patents, potentially resolving a long-standing import ban threat. On the same day, China's Commerce Minister Wang Wentao met with Apple CEO Tim Cook in Beijing, signaling continued dialogue amid US-China trade tensions. The Apple Inc. stock, listed on Nasdaq in USD, closed at 248.96 USD, down 0.39% from the prior session, reflecting mixed market reactions to these developments. As of: 20.03.2026 Dr. Lukas Meier, Senior Tech Sector Analyst – Tracking Apple's hardware innovation and geopolitical risks for DACH investors in a multipolar tech landscape. Patent Victory Clears Path for Apple Watch Sales The US International Trade Commission had previously banned imports of certain Apple Watch models over pulse oximetry patent disputes with Masimo. Apple's software workaround and hardware redesign now pass muster, with Judge Matthew McGuire's ruling dismissing infringement claims. This decision lifts a cloud over the holiday sales season for the Apple Watch Series 10 and Ultra 2. Apple pulled the blood oxygen feature from US sales last year to sidestep the ban, but global models retained it. The ruling validates this strategy, potentially restoring full functionality via software updates. For Apple Inc., wearables generated over 24 billion USD in revenue last fiscal year, underscoring the segment's importance beyond iPhone sales. Markets reacted mutedly, with the stock dipping slightly on Nasda...
BitFuFu Inc. (FUFU) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1,233.33%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it a...
BitFuFu Inc. (FUFU) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1,233.33%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced earnings of $0.06, delivering a surprise of +100%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. BitFuFu Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $101.66 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 3.32%. This compares to year-ago revenues of $99.16 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BitFuFu Inc. shares have lost about 14.8% since the beginning of the year versus the S&P 500's decline of 3.5%. What's Next for BitFuFu Inc.? While BitFuFu Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate r...
Pixelbizz/iStock Editorial via Getty Images I last covered HelloFresh SE ( HLFFF , HELFY ) in July 2024 , arguing the company faced a fundamental scalability issue. My thesis was that HelloFresh relied on generous marketing expenses to grow their user base but failed to convert customers to long-term users at a satisfying rate. I bet that, long term, the company would have either managed to fix th...
Pixelbizz/iStock Editorial via Getty Images I last covered HelloFresh SE ( HLFFF , HELFY ) in July 2024 , arguing the company faced a fundamental scalability issue. My thesis was that HelloFresh relied on generous marketing expenses to grow their user base but failed to convert customers to long-term users at a satisfying rate. I bet that, long term, the company would have either managed to fix this structural issue or pivoted to a new business model. Today, almost two years after my first coverage, I am reviewing HelloFresh again to assess whether their business model is sustainable and an investment case can be made. A flawed business model in two charts My bearish thesis for HelloFresh is fairly simple: the company relies on generous handouts to acquire new customers and retain existing ones, but customers do not actually remain loyal to the company to a satisfying degree (i.e., the churn rate is too high). The two charts below, which I updated from my 2024 coverage, show marketing expenses and operating income for HelloFresh on an annual basis. At that time, based on 2023 data, I argued what follows: The trend, in my opinion, is clear: while HelloFresh is indeed managing to scale its business, it does so primarily via handouts to acquire and retain customers. The company almost tripled in revenue since 2020, but it has done so by disproportionately increasing its marketing expenses. As a result, HelloFresh has been unable to steadily grow its Operating Income . Two years later, the picture is bittersweet and somewhat bearish. Marketing Expenses, P5Y (Author's elaboration of HelloFresh financial data) On the positive side, HelloFresh did manage to slow down their marketing expenses, which have stabilized at around ~€1.4 billion for the past three years. But at what cost? The company's revenue (not shown in these charts) has also stalled at about ~€7.9 billion (slightly decreasing since its 2023 peak). Operating Income, P5Y (Author's elaboration of HelloFresh fina...
Maskot/DigitalVision via Getty Images Article Thesis I wrote about Global Payments Inc. ( GPN ) at the beginning of February, when I saw it as a “Strong Buy,” with the stock around $71 and my fair value estimate around $138. Besides this undervaluation, there is a double-digit free cash flow yield, which allows them to return significant amounts to shareholders. Then, with the divestment of their ...
Maskot/DigitalVision via Getty Images Article Thesis I wrote about Global Payments Inc. ( GPN ) at the beginning of February, when I saw it as a “Strong Buy,” with the stock around $71 and my fair value estimate around $138. Besides this undervaluation, there is a double-digit free cash flow yield, which allows them to return significant amounts to shareholders. Then, with the divestment of their Issuer Solutions business segment, and with the acquisition of Worldpay, they have chances to finally have enough scale in their Merchant Solutions business to generate a higher ROIC (Return On Invested Capital), which would eventually translate into a narrow economic moat. And indeed, the stock jumped to about $82 after their last earnings report, even if that report didn’t bring some new positive surprises. But then, the conflict began in the Persian Gulf, and Global Payments is affected both directly and, possibly, indirectly. I will detail more in this article what changes I made to my model following their guidance from the earnings call and after incorporating some effects of this war. Business Developments 4Q 2025 results came with no big surprise, with Merchant Solutions net revenue growth accelerating from about 5% to about 6%. We can ignore Issuer Solutions , since they divested that segment. With strong free cash flow generation, they returned about $1B to shareholders in 2025, and they have a $7.5B capital return target for 2025 to 2027. They already have a $2.5B share repurchase authorization, so most of that $7.5B will come in 2027, because the first priority for now, with increased debt for the Worldpay acquisition, is to de-lever to a “3x net leverage target by the end of 2027." But what’s more important is their 2026 outlook for the combined company: Global Payments 2026 Outlook (Earnings Presentation) We can observe that we can expect about $2B capital returned to shareholders, mostly through share buybacks, because their dividend is minor. They expect abo...
CISPE claims that new conditions imposed by Broadcom have led to cost increases exceeding 1,000% for some providers. Credit: Michael Vi/Shutterstock.com. The Cloud Infrastructure Service Providers in Europe (CISPE) has lodged a competition complaint with the European Commission’s Directorate-General for Competition, challenging Broadcom’s recent actions in the European cloud market. The industry g...
CISPE claims that new conditions imposed by Broadcom have led to cost increases exceeding 1,000% for some providers. Credit: Michael Vi/Shutterstock.com. The Cloud Infrastructure Service Providers in Europe (CISPE) has lodged a competition complaint with the European Commission’s Directorate-General for Competition, challenging Broadcom’s recent actions in the European cloud market. The industry group alleges that Broadcom’s termination of its VMware Cloud Service Provider programme in Europe, combined with pricing changes and contractual demands, restricts access to VMware software for both customers and vendors across the region. CISPE is urging authorities to introduce interim measures designed to prevent what it describes as ongoing market abuse. According to CISPE, Broadcom’s termination of the programme in January 2026 left only a small number of selected partners able to offer VMware products. Most European cloud service providers lost their ability to sell these products, resulting in a significant loss of revenue for vendors and reduced choice for customers. CISPE claims that new conditions imposed by Broadcom, such as increased prices, bundling requirements, up-front payment demands and minimum commitments not based on actual usage, have led to cost increases exceeding 1,000% for some providers. CISPE argues that these developments could force many European cloud infrastructure suppliers out of the market and create situations where certain markets are dominated by a single provider dependent on Broadcom. The group also states that this undermines efforts to develop strategic autonomy within Europe’s cloud sector. As part of its complaint, CISPE requests the immediate suspension of Broadcom’s partner programme termination, reinstatement of the ‘white label’ programme allowing smaller providers access to VMware software, and explicit safeguards against retaliation from Broadcom, along with penalties for non-compliance. CISPE secretary general Francisco Ming...
Welcome to our guide to the commodities driving the global economy. Today, reporter Rong Wei Neo takes a closer look at Washington’s latest idea about how to restrain surging oil prices. Confronted with the reality that unprecedented disruption in the Persian Gulf leads to higher energy prices, the Trump administration is casting around for potential fixes. The latest, floated by Treasury Secretar...
Welcome to our guide to the commodities driving the global economy. Today, reporter Rong Wei Neo takes a closer look at Washington’s latest idea about how to restrain surging oil prices. Confronted with the reality that unprecedented disruption in the Persian Gulf leads to higher energy prices, the Trump administration is casting around for potential fixes. The latest, floated by Treasury Secretary Scott Bessent on Thursday, involves “unsanctioning” Iranian oil that is on the water. That, he told Fox Business, would release roughly 140 million barrels into the market. There is a lot to unpack here. First, the scattergunning of ideas coming from Washington. It’s a useful reminder of just how difficult it is to keep oil prices down when some of the world’s largest producers are unable to get their crude out of the ground and through the Strait of Hormuz — effectively blocked since the end of last month. Then, the practicalities. The US can arguably issue a waiver lifting sanctions on seaborne Iranian crude, just as it did for similar Russian cargoes . But that doesn’t mean new buyers will emerge for this oil. Virtually all of Iran’s oil is bought by Chinese customers, primarily independent refiners eager to take cut-price barrels. A US waiver would widen the pool of buyers — in theory. In reality, discounts would narrow, and any new buyers would face the challenge of structuring the deals and paying up while a plethora of restrictions on Iran remain in place. Then there is the inconvenient fact that the beneficiaries of any sale still sit in Tehran. Finally, there is the notion underpinning Bessent’s solution — the idea that seaborne supplies will keep on giving. Iran did add to its cargoes on the water as geopolitical tensions increased. But that number is now dwindling. The volume of crude oil and condensate stored on tankers at sea has fallen at a rate of about 1.8 million barrels a day since the war began in late February, according to data intelligence firm Vorte...
Key Points Ethereum is the world's most popular platform for developing decentralized applications. Ether is the native cryptocurrency in the Ethereum ecosystem, and it's used to pay fees whenever decentralized apps are activated. Ether should become more valuable as the Ethereum network expands, but activity appears to be stagnating. 10 stocks we like better than Ethereum › Ethereum is the world'...
Key Points Ethereum is the world's most popular platform for developing decentralized applications. Ether is the native cryptocurrency in the Ethereum ecosystem, and it's used to pay fees whenever decentralized apps are activated. Ether should become more valuable as the Ethereum network expands, but activity appears to be stagnating. 10 stocks we like better than Ethereum › Ethereum is the world's largest platform for developing decentralized applications, which are increasingly popular in industries like finance and gaming. Ether (CRYPTO: ETH) is the native cryptocurrency in the Ethereum ecosystem, where it helps facilitate everything from fee payments to money transfers. Ether set a new all-time high of $4,954 per coin last year, but it has since plummeted by more than 50% and trades at just $2,339 as of March 17. Investors have trimmed their exposure to speculative, high-risk assets like cryptocurrencies during the past six months in favor of safe assets like gold, amid heightened economic uncertainty and geopolitical turmoil. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But Ether has experienced sharper sell-offs in the past, and it recovered to deliver spectacular gains on each occasion. Could this downturn be a buying opportunity ahead of a potential run to the $5,000 milestone? The leading destination for decentralized applications Decentralized apps are designed to function without the need for human intervention, so every user receives equal treatment based on a concrete set of rules. These rules are governed by slivers of computer code called smart contracts, which live on the Ethereum blockchain and typically can't be changed, ensuring no person or company can manipulate an app's core functions. Whenever someone uses a decentralized app, they activate smart contracts which trigger f...
Israel Vows No More Strikes On Iranian Energy Assets After South Pars Hit Sparks Lasting Shock At a Thursday evening press conference, Prime Minister Benjamin Netanyahu attempted to calm energy markets, saying Israel would halt further strikes on energy infrastructure after this week's attack on Iran's South Pars gas field triggered Iranian retaliation against Qatar's Ras Laffan LNG complex. The a...
Israel Vows No More Strikes On Iranian Energy Assets After South Pars Hit Sparks Lasting Shock At a Thursday evening press conference, Prime Minister Benjamin Netanyahu attempted to calm energy markets, saying Israel would halt further strikes on energy infrastructure after this week's attack on Iran's South Pars gas field triggered Iranian retaliation against Qatar's Ras Laffan LNG complex. The attacks on upstream oil and gas facilities by both sides sent shockwaves through global energy markets, potentially sparking disruptions for years. "Israel acted alone," Netanyahu said at a press conference on Thursday, after Israeli officials previously said they had informed the US about the attack. Netanyahu also said Israeli forces would assist US and allied forces in reopening the paralyzed Strait of Hormuz chokepoint and that the war would be over faster than people think. "I told him, 'Don't do that.' And he won't do that," Trump said Thursday at the White House, referring to Netanyahu's pledge not to hit Iranian energy assets anymore. Trump continued, "We get along great. It's coordinated. But on occasion, he'll do something, and if I don't like it, then — so we're not doing that." Shortly after South Pars was hit, Iranian missiles and drones struck the world's biggest liquefied natural gas plant in Qatar, which will take, according to QatarEnergy, possibly five years and $20 billion to repair. Trump threatened Iran with a complete wipeout of South Pars if Qatar's energy assets were hit further. UBS analyst Ed Abraham said the comments from Netanyahu "caused WTI to pull back 7% from Thursday's highs, along with Brent trading down 3% vs. the close." Brent crude futures are still well off the $119/bbl highs seen early Thursday, trading around $110/bbl at 0630 ET. WTI futures traded sub-$100/bbl, currently around $96/bbl. The Trump administration has taken several steps to combat triple-digit WTI prices, including the release of strategic reserves that must be returned ...