On this episode of Stock Movers:
- FedEx (FDX) is sinking on a warning on tariffs. FedEx warns that its profit will be worse than expected this quarter due to the impact of President Donald Trump's trade war on its business. The company's shares dropped 6% in premarket trading, and its stock is down 18% year to date, with US-China shipments deteriorating sharply in May.
- UPS (UPS) shares are following FedEx lower on broader concerns about the shipping industry. President Donald Trump’s erratic trade policies continue to handcuff the ability of executives to predict where their businesses are headed. That lack of visibility is especially challenging for FedEx and shippers — economic bellwethers.
- Coinbase (COIN) is moving to the upside today as it gets a price target boost. Bernstein raised the target on Coinbase Global Inc. Class A to $510 from $310. Maintains outperform rating. Bernstein moved its target to the high end of the range, implying a 48% increase from last price.
- BlackBerry (BB) shares are higher this morning after the software company boosted its revenue forecast for the full year. Analysts were positive about the company’s forecast and hiked their price target on the stock.
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