Market Movers

  • First Republic shares slid almost 33% despite deposit infusion. Those losses come even after 11 other banks pledged to deposit $30 billion in First Republic for at least 120 days in a coordinated rescue attempt meant to instill confidence. There were concerns that the infusion may not be enough to shore up First Republic going forward.
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  • FedEx hikes 2023 earnings forecast. The company said cost-cutting measures offset continued demand weakness at units including FedEx Express. FedEx now expects adjusted earnings per share for fiscal year 2023 of between $14.60 and $15.20, up from a prior forecast of between $13.00 and $14.00. Meanwhile, the company expects to save another $50 million next quarter after removing some domestic pickup and delivery routes.

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