52 week hi for FedEx shares
FedEx shares reach 52-week high
FedEx Corp. shares went up 2.97 percent Wednesday to close at $110.43, a 52-week high.
This is the second time in three months that Memphis-based FedEx (NYSE: FDX) reached such a record. In December 2005, the global shipper's stock reached $103.70.
Volume was heavy Wednesday with 2.65 million shares trading hands, surpassing the average daily trading volume of 1.5 million shares. The stock's price traded as high as $110.57 during the day. Tuesday's closing price was $107.24.
Associated Press reported that this 52-week high was a result of an analyst saying FedEx can outperform rival Atlanta-based United Parcel Service Inc. in the near future.
FedEx's recent quarterly results were strong, with net income surging by 33 percent.
Shares of UPS (NYSE: UPS) closed at $75.32 Wednesday, after they rose by less than one percent.