This Week: FedEx, Nike results; rig count
A look at some of the key business events and economic indicators upcoming this week:
Package delivery giant FedEx delivers its fourth-quarter earnings on Thursday.
Wall Street expects FedEx will report its profit soared to $4.98 a share in the March-May period, up from just $2.53 a year ago, before the COVID-19 pandemic caused a surge in consumer demand for shipping. Memphis, Tennessee-based FedEx forecast fiscal 2021 earnings of up to $18.10 a share.
Wall Street expects another solid quarterly report card from Nike.
Analysts predict the athletic apparel company will report Thursday that its fiscal fourth-quarter earnings and revenue increased from a year earlier. They forecast earnings jumped to $0.51 a share for the March-May quarter from a loss a year ago. Nike has benefited from strong growth in China and higher online sales globally, which have helped offset weakness at physical stores.
Oil and gas tracker
Oilfield services company Baker Hughes issues its weekly tally of active U.S. oil and natural gas rigs on Friday.
Last week, the number of rigs rose to 470. That tally included 373 rigs exploring for oil and 97 seeking natural gas. The number of active rigs has been mostly climbing as the reopening of the global economy has increased demand for fuel, pushing up oil prices. The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August 2020 at 244.
U.S. Rig count, weekly total:
May 14: 453
May 21: 455
May 28: 457
June 4: 456
June 11: 461
June 18: 470