FedEx shares are powering higher. What’s fueling FDX momentum?Q3 Earnings Top Estimates; Federal Express Segment StrengthensFedEx posted adjusted earnings per share of $5.25, beating the consensus estimate of $4.13. In addition, it reported revenue of $24.00 billion, beating the consensus estimate of $23.42 billion.The Federal Express segment delivered improved operating results, supported by stronger U.S. domestic and International Priority package yields, ongoing cost reductions tied to transformation eff ...

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Core Viewpoint - FedEx stock price has declined from a year-to-date high of $390 in February to $350 due to rising fuel prices and increased supply chain disruptions [1] Group 1 - The stock price of FedEx has retreated in recent weeks [1] - The decline in stock price is attributed to external factors such as fuel price increases [1] - Supply chain disruptions have also contributed to the stock price decline [1]

Core Viewpoint - Emerging market stocks are experiencing a significant rally, driven by optimism surrounding artificial intelligence and increased investment in developing economies [1][2]. Group 1: Market Performance - The iShares MSCI Emerging Markets ETF has risen over 10% year to date, outperforming the S&P 500, which remains flat [2]. - Emerging market stocks rallied approximately 30% in dollar terms in 2025, with strong performance noted in Asian markets such as Taiwan and South Korea due to high demand for AI-related hardware [2][3]. - Goldman Sachs projects the MSCI Emerging Markets index to return nearly 30% in 2026, supported by strong earnings, a weakening US dollar, and favorable macroeconomic trends [3]. Group 2: Future Expectations - Analysts expect some of the favorable conditions from 2025 to continue into 2026, leading to good returns in emerging markets [4]. - The resilience of Chinese exports and the economic benefits from falling commodity prices are anticipated to support the ongoing rally [3]. Group 3: Stock Selection Methodology - The selection of the 10 best emerging market stocks was based on the iShares MSCI Emerging Markets ETF and Yahoo Finance stock screeners, focusing on companies with positive upside potential as of February 17 [6]. - Stocks were ranked according to the number of hedge fund holders, as research indicates that imitating top hedge fund picks can lead to market outperformance [7]. Group 4: Featured Stocks - ZTO Express (NYSE:ZTO) has an upside potential of 6.65% and is supported by a recent upgrade from Macquarie, citing preliminary fourth-quarter volume growth of 9% [9][10]. - Credicorp Ltd. (NYSE:BAP) shows an upside potential of 6.88%, with a fourth-quarter net profit of $468.8 million and a focus on loan growth driven by strong retail momentum [14][16].

Group 1 - The news regarding "Spring Festival express delivery suspension" has sparked discussions, but multiple express companies have confirmed they will continue to provide services during the holiday period to meet delivery demands [4][5] - China Post Express Logistics stated that they operate year-round but may implement additional charges for pick-up services, with specific details to be announced later [4] - JD Logistics mentioned that service availability may vary based on delivery volume, and some locations might experience scheduling adjustments and resource allocation fees [5] Group 2 - Various express companies, including SF Express and Debon Logistics, have confirmed they will not suspend operations during the Spring Festival, although transportation fees may be adjusted [5] - Yunda Express indicated that services will remain operational across most regions, except for certain areas affected by third-party logistics suspensions or weather conditions [5] - Zhongtong Express assured customers that they will strive to meet delivery needs during the holiday, although some locations may not guarantee timely service [5]

Core Viewpoint - The article discusses the operational adjustments and service arrangements of various express delivery companies during the upcoming Spring Festival, highlighting potential price increases and service delays due to high demand and resource allocation challenges. Group 1: Company Responses - China Post Express Logistics confirmed that it will continue operations year-round but may implement additional charges for pick-up services, with specific regulations to be announced later [1]. - JD Logistics indicated that during the peak period from January 19 to February 23, 2026, it will charge a peak resource adjustment fee of 0.1 to 1.2 yuan/kg on express heavy cargo products, depending on the station [1]. - SF Express and Debon Express both stated they will not suspend operations during the Spring Festival, but transportation costs will be adjusted, with SF Express planning to charge a resource adjustment fee during the holiday period [1]. - YTO Express announced that from February 15 to February 23, it will ensure smooth service and network stability, with normal operations in most regions except for certain areas affected by third-party logistics or weather [2]. - Yunda Express confirmed normal operations during the Spring Festival, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [2]. - Zhongtong Express stated it will ensure the smooth operation of logistics services during the holiday, with variations in service based on local conditions [2]. - Shentong Express also confirmed it will provide normal collection and delivery services, with possible adjustments to operations based on local circumstances [2]. Group 2: Operational Challenges - The express delivery companies warned that due to limited resource allocation and extreme weather changes during the holiday period, the timeliness of deliveries may be affected to varying degrees [3].

Group 1 - The topic of "express delivery suspension" has become a trending topic on Weibo, prompting inquiries about the actual situation [2] - Zhongtong Express has not received any notice of suspension, and typically does not charge resource adjustment fees during the Spring Festival [2] - YTO Express, Shentong Express, and Yunda Express have confirmed that they will continue operations during the Spring Festival without any price increase notifications [2] Group 2 - China Post Express Logistics stated that delivery services operate year-round, but there may be additional charges for pick-up services, subject to further notice [2] - JD Logistics indicated that some stations may experience scheduling changes during the Spring Festival based on delivery volume, which may incur resource adjustment fees [2] - SF Express and Debon Express confirmed they will not suspend operations during the Spring Festival, but transportation costs will be adjusted [2] Group 3 - SF Express announced that from January 19 to February 15, a resource adjustment fee of 0.1-1.5 yuan/kg will be charged for packages weighing 20kg or more, with additional fees during the Spring Festival [2] - Debon Express will charge a resource adjustment fee of 0.2-0.5 yuan/kg for certain customers and products from January 19 to February 14, and additional fees during the Spring Festival [2]

Core Viewpoint - The article discusses the current situation regarding the operation of express delivery services during the Chinese New Year, addressing rumors of service suspensions and potential price adjustments. Group 1: Service Operations - Zhongtong Express confirmed that there has been no notification of service suspension during the Chinese New Year [4] - YTO Express, Shentong Express, and Yunda Express also stated that they will continue operations during the holiday and have not received any price increase notifications [5] - China Post Express Logistics indicated that while services operate year-round, there may be additional charges for pick-up services, subject to further notice [6] Group 2: Pricing Adjustments - JD Logistics mentioned that depending on the volume of deliveries during the holiday, some locations may implement scheduling changes and resource adjustment fees, which will vary by site [8] - SF Express announced that from January 19 to February 15, they will charge a resource adjustment fee of 0.1-1.5 yuan per kg for packages over 20 kg, with additional fees during the holiday period [9] - Debon Express stated that from January 19 to February 14, they will impose a resource adjustment fee of 0.2-0.5 yuan per kg for certain customers and products, with similar fees during the holiday [9]

Group 1 - The topic of "express delivery suspension" has become a trending topic on Weibo, prompting inquiries to various express delivery companies [1] - Zhongtong Express has not received any notice of suspension and typically does not charge resource adjustment fees during the Spring Festival [1] - YTO Express, Shentong Express, and Yunda Express confirmed that they will continue operations during the Spring Festival without any price increase notifications [1] Group 2 - China Post Express Logistics stated that it operates year-round but may implement additional charges for pickup services, subject to further notice [1] - JD Logistics indicated that some stations may experience scheduling changes and resource adjustment fees based on delivery volume during the Spring Festival [1] - SF Express and Debon Express confirmed they will not suspend operations during the Spring Festival, but transportation costs will be adjusted [2] Group 3 - SF Express announced a resource adjustment fee of 0.1-1.5 yuan/kg for packages weighing 20kg or more from January 19 to February 15, with additional fees during the Spring Festival [2] - Debon Express will charge a resource adjustment fee of 0.2-0.5 yuan/kg for certain customers and products from January 19 to February 14, with further fees during the Spring Festival [2]

Core Viewpoint - ZTO Express has announced the pricing of US$1.5 billion in convertible senior notes due 2031, aimed at refinancing and share repurchase programs, reflecting the company's strategy to manage capital effectively and enhance shareholder value [1][2]. Group 1: Notes Offering Details - The Notes will bear an interest rate of 0.925% per year, payable semiannually, and will mature on March 1, 2031 [3]. - The initial conversion rate is set at 32.3130 Class A ordinary shares per US$1,000 principal amount of Notes, representing a conversion premium of approximately 35.0% above the closing price on February 4, 2026 [4]. - Holders can convert the Notes after a compliance period, with the company having the option to pay in cash, shares, or a combination upon conversion [5]. Group 2: Use of Proceeds - The net proceeds from the Notes Offering will be allocated as follows: up to US$1,000 million for share repurchases and approximately US$500 million for a concurrent share repurchase and other corporate purposes [2][12]. - The Concurrent Share Repurchase involves repurchasing 18,254,400 Class A ordinary shares at the closing price of HK$179.10 per share on February 4, 2026 [12]. Group 3: Redemption and Repurchase Rights - The company may redeem the Notes under specific conditions, including a Cleanup Redemption if less than 10% of the original principal remains outstanding [6]. - Holders have the right to require the company to repurchase their Notes in the event of a fundamental change or on March 1, 2029, at 100% of the principal amount plus accrued interest [7]. Group 4: Capped Call Transactions - The company has entered into capped call transactions to mitigate potential dilution upon conversion of the Notes, with an initial cap set at US$35.9906, representing a 57.0% premium over the last reported sale price [8][9]. - These transactions are expected to influence the market price of the Class A ordinary shares and the Notes, depending on various market conditions [10]. Group 5: Company Overview - ZTO Express is a leading express delivery company in China, providing extensive logistics services through a scalable network partner model [16][17]. - The company aims to support the growth of e-commerce in China by leveraging its network partners for delivery services while maintaining control over critical transportation and sorting operations [17].