FedEx Stock Is Soaring After Earnings. It’s Spinning Off the Freight Business.

Shares of shipping giant FedEx soared late Thursday after its earnings report delivered what investors wanted—a spinout of a division. The company said Thursday evening that it would separate its freight business, leaving two publicly traded companies—as investors had hoped. FedEx stock jumped 8.2% to $298.50 in after-hours trading.

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