In Kentucky’s Bourbon Belt. whiskey makers continue to bear the brunt of US whiskey tariffs of 25% imposed by the European Union. This coming June, the EU will enforce double the tariffs, making it 50%. Meanwhile, US whiskey exports to the UK and EU have fallen by 53% from 2018.
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FedEx Corporation ▲(FDX 279.58 USD +16.07 (6.10%)) stocks jumped during Friday’s trading by more than 6%. The delivery services firm reported it beat expectations in its fiscal 3rd quarter, generating $3.47 in adjusted earnings per share on $21.51 billion in revenue. This is a substantial improvement over analyst predictions of $3.23 in earnings per share and $19.97 billion of revenue.
Occidental Petroleum Corporation ▲(OXY 28.10 USD +1.48 (5.56%)) shares rallied 5.56% Friday amid the carnage in the S&P 500 and Dow Jones. OXY outperformed its industry rivals as it escaped the fate of most energy companies as they endured a day of slight losses. Oil remains poised to rebound, but recovery will take a little more time as most prudent analysts warned.
Peloton Interactive Inc ▲(PTON 108.31 USD +5.57 (5.42%)) stocks went up during Friday’s trading by 5.42%. The spate of home treadmill accidents involving Peloton’s Tread+ machines knocked the stock back a few pegs down. However, fiscal 2021 second-quarter results show that the average monthly workouts increased from 12.6 a year ago to 21.1 this year, while the annual membership retention rate remained at 92%.
Novavax, Inc. ▲(NVAX 228.25 USD +10.99 (5.06%)) stocks rose more than 5% as it reported encouraging results from its UK phase 3 trial as well as it’s South African phase 2 trial. The company reported 96% efficacy against the original coronavirus, 86.3% efficacy against the UK strain, and 55.4% efficacy against the South African variant. Novavax will wait for its US results then proceed to apply for an Emergency Use Authorization request.
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Dollar General Corp. ▲(DG 187.78 USD +8.98 (5.02%)) shares stayed bullish, registering a gain of 5.02% during Friday’s close. While many analysts reduced their price targets for the company, still many remained bullish and maintained their optimistic ratings. From a previous high price target of $260 from Jefferies and a low of $235 (KeyBanc), the adjusted targets now range from $250 (Jefferies) to $206 (RBC). Wall Street remains bullish despite the price target adjustment, as the company took a conservative stance and did not factor in any windfalls from stimulus spending. Stay tuned for this one.
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