FedEx (FDX) gapped sharply today in reaction to FQ4 results that topped expectations. The company said that while commercial volumes were down significantly due to business closures, surges in residential deliveries at FedEx Ground, and in transpacific and charter flights at FedEx Express, provided an offset.
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Traders go through cycles of ups and downs just like the stock market does.
Among other things, results revealed that quite a few firms are now facing a higher bar, and that reopenings have begun affecting consumer behavior in a number of ways.
The employment report Friday morning turned out to be the catalyst that stopped the recent rotation.