FedEx Corporation (NYSE: FDX) is surging on its announcement that it raised guidance. At 11:02 AM EST we have a 7.3% gain to $78.00 and we have already crossed over 4.75 million shares. That is getting close to 150% of its average volume and is triple what we have normally seen by this time in the morning. The 52-week trading range here is $34.02 to $96.65, but this was north of $100.00 less than two years ago. Just to show how much this one has risen of late, the 50-day moving average is $64.85 and the 200-day moving average is $56.45. This move today takes the stock to levels not seen since last October, and technically it looks like each dollar up is a move into relatively new territory. This has now run 130% or more since the lows during that panic selling wave in early March.
The secondary direct play off of this is United Parcel Service, Inc. (NYSE: UPS), with a 4% gain to $58.68 and the 4.3 million share average daily volume has just been crossed. Its 52-week trading range is $37.99 to $70.00. Our other lesser stocks in the group which we use to track this are Expeditors International of Washington Inc.   (NASDAQ: EXPD) and UTI Worldwide, Inc. (NASDAQ: UTIW), both of which are up close to 4% but on surprisingly low trading volume.
-JON OGG
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