FedEx Stock Surges on Plans To Spin Off Freight Business

FedEx (FDX) shares jumped in extended trading Thursday after the shipping giant announced plans to spin off its Freight business as a standalone company. The shipping giant said the process to separate its Freight business will start immediately, and likely be completed within the next 18 months. Ahead of the announcement, Citi analysts said last week that spinning off the Freight business into a standalone company could "unlock value" for the business, but suggested the move might not be the best option i ...