Finally we are at the Fed announcement day. The Fed decided to not raise rates which is a shock to very few. With the Fed not raising rates in the past few years which had good economic data, it would have been bizarre to raise rates when economic data is now at the worst since the financial crisis. I think the market will rally on the news and then cool off when it realizes the economic and political risks facing it.
Walt Disney Co (NYSE:DIS) CEO Bob Iger made some points about Disney’s $1 billion investment in BAMTech. He said digital video is “growing and it’s growing significantly … what BAMTech represented for us, particularly for ESPN, is as an enabler of sorts — and a very high-quality one. Sports is something a lot of people are passionate about, particularly young men; they use mobile devices very frequently.”
FedEx Corporation (NYSE:FDX) reported Q1 EPS of $2.90 which beat estimates by 12 cents. Revenues of $14.7 billion were up 19.7% which beat estimates by $890 million. Ground revenues were up 12% to $4.29 billion. Freight revenues were up 4% to $1.66 billion. Express revenues were up 0.1% to $6.66 billion. TNT revenues were flat at $1.4 billion. Adjusted earnings for 2017 will be $11.85 to $12.35 which beat consensus for $11.97.
Adobe Systems Incorporated (NASDAQ:ADBE) reported Q3 EPS of 75 cents which beat estimates by 2 cents. Revenue of $1.46 billion beat by $10 million and is up 19.7% from last year. Digital Media segment revenue was $990 million and Creative segment revenue was $803 million which is up 39% from last year. Adobe’s CEO commented on the quarter saying: “We drove strong revenue and earnings performance in Q3, further distancing ourselves from our competitors. Our leadership in cloud-based content and data platforms make us a mission critical partner to the world’s biggest brands as they transform how they engage with their customers.”