Coronavirus Update: U.S. Nears 200,000 Deaths

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Good morning, it’s Wednesday, Sept. 16. Here’s your daily coronavirus update.

According to Johns Hopkins, There are over 29.6 million cases of the virus worldwide, with over 935,000 deaths.

The U.S. has surpassed 6.6 million cases with 195,000 deaths.

Per the COVID-19 Tracking Project, there were 35,445 new cases reported Tuesday, which is higher than the 33,864 cases reported the day earlier. 685,033 new tests were reported. And 1,031 deaths were reported yesterday, which is higher than the 403 deaths reported the day prior.

FedEx reported earnings.

FedEx reported net income of $4.72 a share, up 66% from $2.84 a share in the year-earlier quarter. Adjusted net income climbed to $4.87 a share from $3.05.

First-quarter revenue of $19.3 billion was 14% up from $17 billion a year earlier.

CEO Fred Smith said, "Our earnings growth underscores the importance of our business initiatives and investments over the last several years, and, in many ways, the world has accelerated to meet our strategies.”

The company said the results stemmed from volume growth in FedEx International Priority and U.S. domestic residential package services.

The operating-profit margin for the quarter widened to 8.2% from 5.7% a year earlier.

FedEx did not provide an earnings forecast for fiscal 2021. But it did raise its capital-spending forecast for the year by $200 million to $5.1 billion, driven by additional capacity initiatives.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. 

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