Boston, MA 06/20/2013 (wallstreetpr) – The share prices of FedEx Corporation (NYSE:FDX) had surged by 1.07 percent to close at $100.54 per share for the end of last trading session on Wednesday. The shares of the company had been trading in the range of $99.26 to $103.47 per share during the day. The shares of FedEx Corporation (NYSE:FDX) had recorded 52 week low price level at $83.92 per share and 52 week high price level at $109.66 per share.
In the financial results for the fourth quarter ending May 31, 2013 FedEx Corporation (NYSE:FDX) had surpassed the expectations in the Wall Street despite falling by 45 percent over the previous year due to restructuring of charges. The world’s largest air cargo company had forecast an increase in earnings by 7 percent to 13 percent for the current fiscal year, compared to 21 percent growth expected by the analysts’ estimates.
FedEx Corporation (NYSE:FDX) had noted that the company is readjusting itself through various restructuring plans to make its suitable for choice in an environment where customers are looking out for low cost services. The company also plans to ground more express flights between United States and Asia beginning next month. FedEx Corporation (NYSE:FDX) had unveiled a restructuring program in October 2012 which was primarily aimed at big express division, but is presently to be extended to the whole company as well.
As part of this buyout plan, around 3600 employees of FedEx Corporation (NYSE:FDX) from the express and service divisions would be leaving the company. Such cost cutting efforts put in place by the air cargo company are slowly gaining traction.
FedEx Corporation (NYSE:FDX) had witnessed the trade of 4.50 million shares on Wednesday, while the average trading volume is at 2.46 million shares per day. The company presently holds 316.87 million shares outstanding in the market with an institutional ownership of 80 percent of its holdings.
