STOCK MARKET NEWS: Credit Suisse, First Republic shares fall in bank rut, FedEx jumps

FedEx shares jumped Friday after the delivery giant raised its fiscal 2023 earnings outlook to $13.80 to $14.40 per share, compared with its previous forecast of $12.50 to $13.50 per share.

“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year" said Raj Subramaniam, FedEx Corp. president and chief executive officer. The company is slashing nearly $4 billion in costs by reducing staff, consolidating offices and reducing some weekend deliveries in less profitable areas.

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