The largest turboprop plane manufacturer globally, ATR, said on Wednesday that FedEx Express had ordered up to 50 72-600F freighter planes. The deliveries are expected to begin in 2020.
FedEx shares closed lower for the seventh time in the past eight trading sessions on Wednesday. The stock edged down 0.30% ($0.66) to $220.50, after touching an intraday low at $219.83, or a price level not seen since October 17th ($219.81).
In the week ended on November 5th the shares of the transportation service provider lost 2.70% of their market value compared to a week ago, which marked the first drop out of four weeks and also the largest one since the week ended on July 23rd.
The stock has extended its loss to 2.35% so far during the current month, following a 0.10% increase in October. The latter has been a third straight month of gains.
For the entire past year, the shares of the NYSE-listed company gained 24.97%. The stock has risen another 18.42% so far in 2017.
It became clear that the order by FedEx included a firm commitment for the purchase of 30 of the freighter planes and an option to purchase 20 more.
”ATR aircraft have been successfully operating in FedEx service for many years. We worked with ATR to develop this new aircraft, which include special features to help us grow our business, especially in the airfreight market where shipments are larger and heavier”, David Cunningham, President and CEO of FedEx Express, was quoted as saying by Aircargonews.
”The 72-600F will play an important role in our global network by helping us deliver fast, economical service to small and medium-sized markets”, he added.
”The ATR72-600F is the only new large regional aircraft available on the market for freighter operations”, Christian Scherer, CEO of ATR said, cited by the same media.
”We are convinced that, with its use by FedEx Express, it will become the new benchmark for regional air cargo operations.”
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding FedEx Corporation’s stock price, have a median target of $238.00, with a high estimate of $264.00 and a low estimate of $144.00. The median estimate is a 7.94% surge compared to the closing price of $220.50 on November 8th.
The same media also reported that 18 out of 27 surveyed investment analysts had rated FedEx Corporation’s stock as “Buy”, while 6 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the FedEx stock are presented as follows:
R1 – $220.69
R2 – $220.88
R3 (Range Resistance – Sell) – $221.07
R4 (Long Breakout) – $221.63
R5 (Breakout Target 1) – $222.29
R6 (Breakout Target 2) – $222.57
S1 – $220.31
S2 – $220.12
S3 (Range Support – Buy) – $219.93
S4 (Short Breakout) – $219.37
S5 (Breakout Target 1) – $218.71
S6 (Breakout Target 2) – $218.43
By using the traditional method of calculation, the weekly levels of importance for FedEx Corporation (FDX) are presented as follows:
Central Pivot Point – $225.85
R1 – $228.84
R2 – $233.44
R3 – $236.43
R4 – $239.42
S1 – $221.25
S2 – $218.26
S3 – $213.66
S4 – $209.06
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