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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

FedEx stock hits 52-week low, company unveils plan to target $4 billion annual cost savings

Yahoo Finance Video

Yahoo Finance's Akiko Fujita discusses FedEx stock following the company's earnings call.

Video Transcript

AKIKO FUJITA: Well, our trending ticker today, the prospects of higher shipping rates and cost cutting pushing shares of FedEx lower. The stock is down nearly 3% there, hitting a new 52-week low today. The company announced it's raising rates by nearly 7% for its express ground and home delivery services.

It's part of a move to slash $4 billion from annual costs. The news comes one week after the shipping giant warned its fiscal first quarter results were being weighed down by weak global demand, sending stocks tumbling. Despite those concerns, the company is maintaining its forecasts, projecting annual revenue growth of 4% to 6%.