Good Evening. Following a drop that drove the S&P 500 into its first bear market since the pandemic’s peak, U.S. equities ended neutral on Tuesday.
The S&P 500 fell 0.38%, marking the index’s fifth consecutive session of losses. On Monday, the S&P 500 entered its first bear market since March 2020, dropping more than 20% below its last record closing high in January. The Nasdaq rose 0.18%, while the Dow Jones 0.50%.
DIVIDEND INCREASE
FedEx (FDX) stock rose as high as 15.60% intraday on Tuesday after the firm stated it would raise its dividend, connect CEO remuneration to shareholder returns, and appoint two new board members, with a third director on the way at a later date. D.E. Shaw, an activist investor, has pushed for improvements at the shipping behemoth.
The statement said, “the FedEx Board of Directors declared a quarterly cash dividend of $1.15 per share on its common stock. This represents a $0.40 per share, or a 53% increase from the previous dividend of $0.75. The dividend is payable on July 11, 2022, to stockholders of record as of the close of business on June 27, 2022.”
That is not all. The installation of Amy Lane and Jim Vena as independent directors, effective immediately, will be accompanied by a third new director to be named at a later date. In addition to the higher-than-expected dividend rise and reduction in capital spending.
At closing, FDX finished well above the green by 14.41% at $229.95 per share
THE PERFECT COMBO JUST GOT EASIER
Coca-Cola and Brown-Forman (the distiller of Jack Daniel’s) have teamed together to create a canned Jack and Coke cocktail, which will be available in Mexico later this year before being rolled out worldwide. There will also be a zero-sugar version of the ready-to-drink cocktail available, as well as diet/caffeine-free variants.
Canned Jack and Coke join Topo Chico hard seltzer, a spiked lemonade, and Fresca cocktails as Coca-Cola’s fourth new alcoholic beverage in the previous two years.
Zoom out: The company’s drive into the fast-rising ready-to-drink cocktail sector is highlighted by canning the Jack and Coke. As soda consumption drops in the United States, the premixed cocktail market is on the rise: sales in the United States increased by 42.30% in 2021.