FedEx files notice to lay off more than 200 at Lebanon facility on Eastgate Boulevard
The layoffs are expected to occur from May 9 to May 30, according to the Worker Adjustment and Retraining Notification (WARN) filed with the state.
The workers at the Eastgate Boulevard facility are not represented by a collective bargaining agreement, the notice states.
The Northern Middle Local Workforce Development Area rapid response team, employed by the Workforce Essentials, has been notified to coordinate services with the employer and affected employees.
Reach Andy Humbles at ahumbles@tennessean.com and on X, formerly known as Twitter @ AndyHumbles.
This article originally appeared on Nashville Tennessean: FedEx files notice to lay off 217 workers in Lebanon
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 days ago
- Yahoo
Why FedEx (FDX) Dipped More Than Broader Market Today
FedEx (FDX) closed at $227.26 in the latest trading session, marking a -1.65% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.29% for the day. Elsewhere, the Dow saw an upswing of 0.08%, while the tech-heavy Nasdaq depreciated by 0.4%. Heading into today, shares of the package delivery company had gained 1.18% over the past month, outpacing the Transportation sector's loss of 1.69% and lagging the S&P 500's gain of 3.25%. The upcoming earnings release of FedEx will be of great interest to investors. On that day, FedEx is projected to report earnings of $3.71 per share, which would represent year-over-year growth of 3.06%. Alongside, our most recent consensus estimate is anticipating revenue of $21.76 billion, indicating a 0.82% upward movement from the same quarter last year. For the full year, the Zacks Consensus Estimates project earnings of $18.49 per share and a revenue of $89.4 billion, demonstrating changes of +1.65% and +1.68%, respectively, from the preceding year. Investors might also notice recent changes to analyst estimates for FedEx. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system. The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, FedEx is carrying a Zacks Rank of #3 (Hold). Valuation is also important, so investors should note that FedEx has a Forward P/E ratio of 12.5 right now. This denotes a discount relative to the industry average Forward P/E of 13.57. We can also see that FDX currently has a PEG ratio of 1.2. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FDX's industry had an average PEG ratio of 1.63 as of yesterday's close. The Transportation - Air Freight and Cargo industry is part of the Transportation sector. This group has a Zacks Industry Rank of 203, putting it in the bottom 18% of all 250+ industries. The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FedEx Corporation (FDX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
FedEx, UPS, DHL executives to face fresh scrutiny in India antitrust case
By Aditya Kalra NEW DELHI (Reuters) -Top India executives of FedEx, UPS, Aramex and DHL are set to be cross-examined in coming weeks by a book publishers' group which accused them of price collusion, a new twist in an antitrust probe that cleared the courier companies of wrongdoing last year, a document shows. Allowing a complainant to interrogate companies is not common in Indian antitrust cases. It means the final findings of the antitrust investigation could change and create new challenges for the courier majors, and the case will be prolonged by several months, antitrust lawyers and government sources said. Many foreign and domestic companies are bullish about the Indian courier and parcel delivery market, which is expected to grow 11% a year to $14.3 billion by 2030, bolstered by a boom in online shopping, research firm Mordor Intelligence says. In December, Reuters reported the Competition Commission of India (CCI) found "no evidence" of courier firms sharing commercial information amongst themselves. The 2022 cartel case, whose details remain confidential in line with rules, was triggered when the Federation of Indian Publishers alleged collusion on prices and discounts by delivery firms. The CCI has now found merit in a complaint by the publishers' group which argued it must be allowed to cross-examine the delivery company executives as investigators only relied on oral submissions to give the companies a clean chit. The federation "has demonstrated sufficient cause establishing necessity and expediency of conducting such cross-examination," the CCI noted in a May 28 internal order that was reviewed by Reuters. The order said the executives to be questioned were Subhasish Chakraborty, Managing Director of India's DTDC Express; R.S. Subramanian, Managing Director of DHL Express India; Suvendu Choudhury, a vice president of FedEx in India; Percy Avari, general manager of Aramex in India, and Abbas Panju, India managing director of UPS Express. None of the executives responded to requests for comment. DHL said in a statement it operates in full compliance with all laws and is "cooperating fully with the CCI", but could not comment on specifics. The CCI, as well as other companies - DTDC, U.S.-based FedEx and UPS, and Dubai's Aramex did not respond to Reuters queries. The Federation of Indian Publishers also did not respond. It represents many Indian publishers like and Rupa Publications, as well as some foreign groups like Pan Macmillan. 'RARE' CROSS-EXAMINATION Sending the case back to the CCI investigators could become an irritant for the logistics industry, which has faced scrutiny since 2015, when France levied a $735 million fine on 20 companies, including FedEx and DHL, for secretly colluding to increase prices. In India, cross-examination of companies by the complainant "is rare," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates. "Such cross-examination may reveal new facts and the conclusions of the earlier investigation report may come into question. It may change the direction of the case," he said. The CCI investigations unit will now oversee the cross-examination proceedings in coming weeks and submit a report to top antitrust officials for a review, four sources familiar with the matter said. The Federation of Indian Publishers had alleged that courier companies acted together to determine charges, and also did not reduce the fuel surcharge they charged when jet fuel prices dropped. The 202-page investigation report shared with the companies privately last year, and seen by Reuters this week, notes that 36 notices were sent to 15 courier firms during 2023-24 to gather details of their businesses, with UPS submitting the most responses - 13. The CCI report concludes no email correspondence surfaced that showed "any collusive/concerted activities" among rivals. The Federation of Indian Publishers has also successfully argued it wants to point out several anomalies in the earlier recorded statements of company executives, which were ignored by investigators, noted the CCI order that allowed the cross-examination. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Yahoo
FedEx, UPS, DHL executives to face fresh scrutiny in India antitrust case
By Aditya Kalra NEW DELHI (Reuters) -Top India executives of FedEx, UPS, Aramex and DHL are set to be cross-examined in coming weeks by a book publishers' group which accused them of price collusion, a new twist in an antitrust probe that cleared the courier companies of wrongdoing last year, a document shows. Allowing a complainant to interrogate companies is not common in Indian antitrust cases. It means the final findings of the antitrust investigation could change and create new challenges for the courier majors, and the case will be prolonged by several months, antitrust lawyers and government sources said. Many foreign and domestic companies are bullish about the Indian courier and parcel delivery market, which is expected to grow 11% a year to $14.3 billion by 2030, bolstered by a boom in online shopping, research firm Mordor Intelligence says. In December, Reuters reported the Competition Commission of India (CCI) found "no evidence" of courier firms sharing commercial information amongst themselves. The 2022 cartel case, whose details remain confidential in line with rules, was triggered when the Federation of Indian Publishers alleged collusion on prices and discounts by delivery firms. The CCI has now found merit in a complaint by the publishers' group which argued it must be allowed to cross-examine the delivery company executives as investigators only relied on oral submissions to give the companies a clean chit. The federation "has demonstrated sufficient cause establishing necessity and expediency of conducting such cross-examination," the CCI noted in a May 28 internal order that was reviewed by Reuters. The order said the executives to be questioned were Subhasish Chakraborty, Managing Director of India's DTDC Express; R.S. Subramanian, Managing Director of DHL Express India; Suvendu Choudhury, a vice president of FedEx in India; Percy Avari, general manager of Aramex in India, and Abbas Panju, India managing director of UPS Express. None of the executives responded to requests for comment. DHL said in a statement it operates in full compliance with all laws and is "cooperating fully with the CCI", but could not comment on specifics. The CCI, as well as other companies - DTDC, U.S.-based FedEx and UPS, and Dubai's Aramex did not respond to Reuters queries. The Federation of Indian Publishers also did not respond. It represents many Indian publishers like and Rupa Publications, as well as some foreign groups like Pan Macmillan. 'RARE' CROSS-EXAMINATION Sending the case back to the CCI investigators could become an irritant for the logistics industry, which has faced scrutiny since 2015, when France levied a $735 million fine on 20 companies, including FedEx and DHL, for secretly colluding to increase prices. In India, cross-examination of companies by the complainant "is rare," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates. "Such cross-examination may reveal new facts and the conclusions of the earlier investigation report may come into question. It may change the direction of the case," he said. The CCI investigations unit will now oversee the cross-examination proceedings in coming weeks and submit a report to top antitrust officials for a review, four sources familiar with the matter said. The Federation of Indian Publishers had alleged that courier companies acted together to determine charges, and also did not reduce the fuel surcharge they charged when jet fuel prices dropped. The 202-page investigation report shared with the companies privately last year, and seen by Reuters this week, notes that 36 notices were sent to 15 courier firms during 2023-24 to gather details of their businesses, with UPS submitting the most responses - 13. The CCI report concludes no email correspondence surfaced that showed "any collusive/concerted activities" among rivals. The Federation of Indian Publishers has also successfully argued it wants to point out several anomalies in the earlier recorded statements of company executives, which were ignored by investigators, noted the CCI order that allowed the cross-examination. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
