Comment / FedEx: it sucks out there, forget inventory build-up

D 2463846 © Hasan Can Balcioglu | Dreamstime.com

The conference call with FedEx (FDX) that followed the release of underwhelming interims yesterday after the US market close, was the classic broken record, if we exclude a soft update concerning its freight unit spin-off.

(Not that different from what we found out six months ago, in fact.)

Over one hour of talk, and towards the end of the event CEO Raj Subramaniam – when challenged about targets that were disclosed when the pandemic ended – clearly summed up where things stand:

“Who ...