"FedEx Stock Skyrockets on Strong Earnings and $5 Billion Buyback Plan"

FedEx stock surged 8% after the company delivered an earnings beat despite a challenging operating environment in 2023. The company's focus on cost cutting through its "DRIVE" campaign resulted in improved profitability, with a fiscal third-quarter profit of $3.86 per share, surpassing Wall Street's estimate. CEO Raj Subramaniam expressed confidence in the company's future path, emphasizing a more flexible and efficient network. While revenue may remain pressured, FedEx offers modest growth potential and the ability to return cash to investors through share repurchases and dividends, making it an attractive option for income-focused investors.