NEW YORK CITY, UNITED STATES – 2020/02/20: American multinational delivery services company, FedEx … [+] logo seen on a delivery vehicle. (Photo Illustration by Alex Tai/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
FedEx stock (NYSE: FDX) lost more than 30% – dropping from $155 at the beginning of the year to below $112 in late March – then spiked 127% to around $254 now. That means it’s now 64% higher than where it started the year!
Why? The Covid-19 outbreak meant restrictions of movement and people flocked to e-commerce platforms for shopping, which greatly benefited FedEx’s Ground residential delivery business. And now with economies gradually opening up, the overall demand for parcel delivery has increased. Furthermore, the multi-billion dollar Fed