FedEx Gears Up for Holiday Shipping and 2 Morning Hot Stocks Changing Hands
FedEx (NYSE:FDX) is gearing up for a record-breaking day on Monday, December 10, when it expects to move 19 million packages through its networks. On what is projected to be the busiest day ever in the company’s history, about 200 packages will be processed per second by 300,000 FedEx team members and about 20,000 seasonal personnel.
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FQ4 EPS at Bank of Nova Scotia (NYSE:BNS) is $1.21 and better than expectations by $0.03. Revenues higher by 15% year-on-year at $4.86 billion. Net income during the quarter of $1.52 billion is up 31% over the year ago period and return on equity of 16.4% is about the same as last year. The bank announces a quarterly dividend of $0.57 per common share. Tier 1 capital ratio improves to 13.6% versus 12.6% in 2011. “The Bank is well positioned to continue to deliver growth in all business lines. Earnings have remained resilient despite the moderated global economic growth. The Bank’s diversified platforms, sustainable revenues, high profitability, strong capital and its focus on adding new customers, particularly in the higher growth markets, should continue to support growth in 2013 and beyond,” says the company.
Fifth Third Bancorp (NASDAQ:FITB) starts the process of monetising its stake in Vantiv, Inc. (VNTV) in an orderly fashion over time. About 15% of its stake is being sold through a secondary offering of about 12.5 million shares, which has been recently priced by Vantiv. Fifth Third Bancorp expects to earn a pre-tax profit of about $140 million during the last quarter of 2012 on the completion of the offering. The proceeds are expected to be utilised for the repurchase of its common stock as well as to prepay about $1 billion worth of term debt scheduled to mature in 2016.