3 Stocks to Watch on Wednesday: FedEx Corporation (FDX), Mulesoft Inc (MULE) and Steelcase Inc. (SCS)

U.S. equities were higher Tuesday as stateside markets have been outperforming European markets despite volatility in the U.S. The S&P 500 Index gained 0.2%, the Dow Jones Industrial Average surged 0.5% and the Nasdaq Composite was up 0.3%.

3 Stocks to Watch on Wednesday: FedEx Corporation (FDX), Mulesoft Inc (MULE) and Steelcase Inc. (SCS)Several companies reported on their latest quarterly results, including FedEx Corporation (NYSE:FDX) and Steelcase Inc. (NYSE:SCS), while Mulesoft Inc (NYSE:MULE) will be acquired by Salesforce.com, Inc. (NYSE:CRM).

Here’s how they did:

FedEx Corporation (FDX)

FedEx announced its latest quarterly earnings results yesterday, which topped expectations.

The parcel service provider reported earnings of $2.07 billion, or $7.59 per share, topping the year-ago profit of $562 million, or $2.07 per share. On an adjusted basis, the company earned $1.02 billion, or $3.72 per share, beating its year-ago total of $625 million, or $2.30 per share.

Analysts were calling for adjusted earnings of $3.11 per share, per FactSet. FedEx’s revenue came in at $16.5 billion, increasing $1.5 billion compared to the year-ago period and topping Wall Street’s consensus estimate of $16.2 billion, according to FactSet.

“We expect strong operating performance in each of our transportation segments in the fourth quarter,” CEO W. Smith said in a statement. The company is calling for fiscal 2018 earnings in the range of $17.90 to $18.30 per share before adjustments.

FedEx also sees capital spending for fiscal 2018 at $5.8 billion, $100 million less than its previous forecast.

FDX stock fell more than 1% after the bell.

Mulesoft Inc (MULE)

Mulesoft will reportedly be acquired by Salesforce.

Salesforce will shell out roughly $6.5 billion to buy the enterprise software provider in a cash and stock deal. Mulesoft shareholders will receive $36 per share in cash and 0.0711 share of Salesforce common stock per Mulesoft common share.

This represents an offer of roughly $44.89 per share under the terms of the acquisition. Mulesoft shares were already soaring during the day, rising more than 27% by day’s end as reports of the acquisition said the companies were in advanced talks.

“Together, Salesforce and MuleSoft will enable customers to connect all of the information throughout their enterprise across all public and private clouds and data sources — radically enhancing innovation,” said Salesforce CEO Marc Benioff in a release.

Mulesoft had previously set a target for $1 billion in revenue by the year 2021, and the company has a market valuation of around $3.6 billion. The company only launched its IPO last year.

MULE stock surged 4.8% on the news after hours, while CRM shares declined 2.3%.

Steelcase Inc. (SCS)

Steelcase shares were higher Tuesday after hours on the company’s earnings report.

The company reported fourth-quarter revenue of $772.7 million, while net income was breakeven, including $27.9 million of charges recorded in connection with U.S. tax reform. On an adjusted basis, Steelcase earned 24 cents per share.

In the year-ago period, the company reported revenue of $769.1 million, while earnings came in at 21 cents per diluted share and adjusted earnings were 22 cents a share. Analysts were calling for adjusted earnings of 16 cents per share.

Wall Street also had a consensus estimate in revenue of $750.7 million.

“We finished the fourth quarter better than we were expecting, particularly in the Americas and EMEA, and Asia Pacific finished the year with record levels of annual revenue and profitability,” said Jim Keane, Steelcase president and CEO.

SCS shares gained 1.4% after Tuesday’s market close.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/03/3-stocks-watch-wednesday-fedex-corporation-fdx-mulesoft-inc-mule-steelcase-inc-scs/.

©2021 InvestorPlace Media, LLC