FedEx Stock Dips After USPS Breaks Ties

USPS will use UPS as its primary air cargo carrier

Laura McCandless

Deputy Editor

Apr 1, 2024 at 10:53 AM

FedEx Corp (NYSE:FDX) stock is slipping today, after the U.S. Postal Service officially opted to replace FedEx with rival United Parcel Service (UPS) as its primary air cargo carrier. FedEx warned of incoming changes in its annual report, as its contract with USPS ended this year after bringing in roughly $1.5 billion every year in revenue.

At last check, FDX was down 1.6% at $285.05. The stock is still hanging out near its March 22 post-earnings two-year high of $291.27, and is well above all daily moving averages. Since the start of the year, the equity is up 12.2%.

When weighing in on FedEx stock, options look like a good way to go. The stock is seeing attractively priced premium at the moment, per its Schaeffer's Volatility Index (SVI) of 16%, which ranks in the low 6th percentile of its annual range.

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