Expeditors Intl (NYSE:EXPD) Stock

Expeditors Intl

Expeditors International of Washington is a non-asset-based third-party logistics provider, focused on international freight forwarding. Its offers freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, and numerous other value-added logistics services. It employs sophisticated IT systems and contracts with airlines and ocean carriers to move customers' freight across the globe. The firm operates more than 200 full-service office locations worldwide, in addition to numerous satellite locations. Expeditors derives around 34% of consolidated net revenue from airfreight, 30% from ocean freight, and 36% from customs brokerage and other services.

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Expeditors International posts strong Q4 earnings, surpassing expectations with $2.955B in sales, driven by air and ocean freight growth.

Logistics Company Expeditors Soars Past Estimates: Q4 Revenue Jumps 30% As Air &amp; Ocean Freight Demand Surges

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U.S. stock markets saw a strong recovery on Tuesday, with both the S&amp;P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday’s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy’s ability to avoid a recession. 

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Expeditors International of Washington, Inc. Common Stock

Expeditors International of Washington Inc

JP Morgan analyst Brian Ossenbeck maintains Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Underweight and lowers the price target from $114 to $108.

Price Target

JP Morgan Maintains Underweight on Expeditors Intl, Lowers Price Target to $108

UBS analyst Thomas Wadewitz maintains Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Neutral and lowers the price target from $130 to $128.

UBS Maintains Neutral on Expeditors Intl, Lowers Price Target to $128

Management

Expeditors International Announces CEO Jeffrey Musser To Retire March 31, 2025; Daniel Wall To Assume CEO Role April 1, 2025

Benchmark analyst Christopher Kuhn reiterates Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) from Hold to Hold.

Reiteration

Benchmark Reiterates Hold on Expeditors Intlto Hold

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Expeditors International shares are trading higher after the company reported Q4 earnings and revenue above estimates.

On Tuesday, Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) announced fourth-quarter earnings per share of $1.68, beating the street view of $1.41.
Quarterly sales of $2.955 billion (+30% year over year) outpaced the analyst consensus estimate of $2.809 billion.
Airfreight services revenues expanded to $1.063 billion from $866.122 million, and Ocean freight and ocean services revenues rose to $908.435 million from $511.854 million.
&#8220;Strong demand from&nbsp;Asia, along with heavy de minimis-driven e-commerce business and increased demand for technology products, limited access to air capacity,&#8221; said Jeffrey S. Musser, President and Chief Executive Officer.
Operating income in the quarter under review jumped 51% to $301.104 million.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43778265/baidu-q4-earnings-ai-cloud-grows-margin-slides-expects-ai-investments-to-bear-fruit-in-2025" rel="noreferrer noopener">Baidu Q4 Earnings: AI Cloud Grows, Margin Slides, Expects AI Investments To Bear Fruit In 2025</a>
&#8220;At the same time, we believe ocean capacity was partially hampered by front-loading, as shippers scrambled to limit disruptions from potential port labor actions, and by longer transits as carriers continued to avoid the Red Sea,&#8221; Musser adds.
The company exited the quarter with cash and equivalents worth $1.148 billion.
Expeditors returned&nbsp;$1.1 billion&nbsp;to shareholders through stock repurchases and dividends in 2024, the third consecutive year the company returned more than&nbsp;$1 billion&nbsp;of capital to shareholders.
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, &#8220;Given the growth in air and ocean shipments, increased customs declarations and other business activity, we carefully added headcount in certain important areas during the quarter, while continuing to increase profitability, growing operating income by&nbsp;51%&nbsp;from a year ago.&#8221;
Price Action: EXPD shares are trading higher by 2.01% to $115.93 at last check Tuesday.
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Logistics Company Expeditors Soars Past Estimates: Q4 Revenue Jumps 30% As Air & Ocean Freight Demand Surges

Expeditors Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NASDAQ">EXPD</a>) reported quarterly earnings of $1.69 per share which beat the analyst consensus estimate of $1.41 by 19.86 percent. This is a 55.05 percent increase over earnings of $1.09 per share from the same period last year. The company reported quarterly sales of $2.955 billion which beat the analyst consensus estimate of $2.809 billion by 5.19 percent. This is a 29.72 percent increase over sales of $2.278 billion the same period last year.

Earnings Beats

Expeditors Intl Q4 2024 GAAP EPS $1.69 Beats $1.41 Estimate, Sales $2.955B Beat $2.809B Estimate

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• Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) is projected to report quarterly earnings at $1.44 per share on revenue of $2.81 billion. 
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• Waystar Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WAY#NASDAQ">WAY</a>) is projected to report quarterly earnings at $0.14 per share on revenue of $232.29 million. 
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• Mobix Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOBX#NASDAQ">MOBX</a>) is expected to report earnings for its first quarter. 
• Safe Bulkers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SB#NYSE">SB</a>) is projected to report quarterly earnings at $0.16 per share on revenue of $71.90 million. 
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• Select Water Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTTR#NYSE">WTTR</a>) is projected to report quarterly earnings at $0.13 per share on revenue of $338.92 million. 
• Tactile Systems Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCMD#NASDAQ">TCMD</a>) is expected to report quarterly earnings at $0.28 per share on revenue of $85.39 million. 
• TPG RE Finance Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRTX#NYSE">TRTX</a>) is projected to report quarterly earnings at $0.26 per share on revenue of $27.98 million. 
• SiriusPoint (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPNT#NYSE">SPNT</a>) is likely to report earnings for its fourth quarter. 
• Star Bulk Carriers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBLK#NASDAQ">SBLK</a>) is expected to report quarterly earnings at $0.44 per share on revenue of $238.48 million. 
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• Comstock Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRK#NYSE">CRK</a>) is likely to report quarterly earnings at $0.03 per share on revenue of $378.74 million. 
• Genworth Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNW#NYSE">GNW</a>) is likely to report earnings for its fourth quarter. 
• Innospec (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOSP#NASDAQ">IOSP</a>) is estimated to report quarterly earnings at $1.37 per share on revenue of $447.40 million. 
• Magnolia Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGY#NYSE">MGY</a>) is projected to report quarterly earnings at $0.48 per share on revenue of $330.88 million. 
• Sasol (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSL#NYSE">SSL</a>) is expected to report earnings for its fourth quarter. 
• Sandstorm Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAND#NYSE">SAND</a>) is expected to report earnings for its fourth quarter. 
• Devon Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) is expected to report quarterly earnings at $1.31 per share on revenue of $4.30 billion. 
• Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) is estimated to report quarterly earnings at $1.83 per share on revenue of $1.35 billion. 
• Ternium (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TX#NYSE">TX</a>) is projected to report quarterly earnings at $1.28 per share on revenue of $4.49 billion. 
• Andersons (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANDE#NASDAQ">ANDE</a>) is likely to report quarterly earnings at $0.94 per share on revenue of $2.73 billion. 
• Liberty Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBTYA#NASDAQ">LBTYA</a>) is likely to report quarterly loss at $0.96 per share on revenue of $1.95 billion. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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WTTR

Earnings Scheduled For February 18, 2025

Stifel analyst J. Bruce Chan maintains Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Hold and lowers the price target from $122 to $117.

Stifel Maintains Hold on Expeditors Intl, Lowers Price Target to $117

B of A Securities analyst Ken Hoexter maintains Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Neutral and lowers the price target from $129 to $120.

B of A Securities Maintains Neutral on Expeditors Intl, Lowers Price Target to $120

Barclays analyst Brandon Oglenski maintains Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Underweight and raises the price target from $105 to $110.

Barclays Maintains Underweight on Expeditors Intl, Raises Price Target to $110

Expeditors Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NASDAQ">EXPD</a>) reported quarterly earnings of $1.63 per share which beat the analyst consensus estimate of $1.35 by 20.74 percent. The company reported quarterly sales of $3.000 billion which beat the analyst consensus estimate of $2.444 billion by 22.76 percent. This is a 36.99 percent increase over sales of $2.190 billion the same period last year.

Expeditors Intl Q3 2024 GAAP EPS $1.63 Beats $1.35 Estimate, Sales $3.000B Beat $2.444B Estimate

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>TD Cowen analyst Jason Seidl downgraded the rating for Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) from Hold to Sell and lowered the price target from $112 to $106. Expeditors shares gained 1.4% to close at $123.02 on Friday. <a href="https://www.benzinga.com/quote/expd/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Angel Castillo downgraded the rating for Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) from Equal-Weight to Underweight and lowered the price target from $349 to $332. Caterpillar shares gained 1.4% to close at $402.02 on Friday. <a href="https://www.benzinga.com/quote/cat/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird analyst David George downgraded KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) from Outperform to Neutral and slashed the price target from $18 to $17. KeyCorp shares gained 2.3% to close at $17.22 on Friday. <a href="https://www.benzinga.com/quote/key/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan analyst Seth Seifman downgraded Triumph Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGI#NYSE">TGI</a>) from Neutral to Underweight and cut the price target from $15 to $12. Triumph shares gained 6.2% to close at $15.00 on Friday. <a href="https://www.benzinga.com/quote/tgi/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel analyst Bradley Canino downgraded Kura Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KURA#NASDAQ">KURA</a>) from Buy to Hold and lowered the price target from $26 to $19. Kura Oncology shares gained 1.9% to close at $18.58 on Friday. <a href="https://www.benzinga.com/quote/kura/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying CAT stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="523" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14092133/image-99-1024x523.png" alt="" class="wp-image-593874" style="width:707px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14092133/image-99-1024x523.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14092133/image-99-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14092133/image-99-768x392.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14092133/image-99.png 1315w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://www.benzinga.com/news/24/10/41308141/this-analyst-with-85-accuracy-rate-sees-around-20-upside-in-amd-here-are-5-stock-picks-for-last-week">This Analyst With 85% Accuracy Rate Sees Around 20% Upside In AMD &#8211; Here Are 5 Stock Picks For Last Week From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>

TD Cowen analyst Jason Seidl downgrades Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) from Hold to Sell and lowers the price target from $112 to $106.

TD Cowen Downgrades Expeditors Intl to Sell, Lowers Price Target to $106

Benchmark analyst Christopher Kuhn reiterates Expeditors Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) with a Hold.

Benchmark Reiterates Hold on Expeditors Intl

U.S. stock markets saw a strong recovery on Tuesday, with both the S&amp;P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday&#8217;s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy&#8217;s ability to avoid a recession. 
Gains were observed in both small-cap and blue-chip stocks, reflecting broad improvement in market sentiment.
The CBOE Volatility Index (VIX), often referred to as the market&#8217;s fear gauge, decreased by almost 40% on Tuesday after spiking 65% on Monday. 
According to the FedWatch Tool, the likelihood of a 50-basis-point interest rate cut decreased to 90% Monday to 64% Tuesday. 
As traders reassess Fed rate cuts, Treasury yields increased during the day, with the 10-year yield rising by 11 basis points to 3.9% and the two-year yield climbing 9 basis points to 4.01%.
The rebound of the U.S. dollar was supported by rising yields and diminished expectations of a larger Federal Reserve rate cut in September. The dollar increased by 0.8% against the low-yielding Japanese yen, breaking a streak of five consecutive days of losses.
In terms of macroeconomic data, the day was relatively quiet, with only June&#8217;s trade figures making news. The U.S. trade deficit narrowed to $73.1 billion in June 2024 from a revised 20-month high of $75 billion in May, slightly above market forecasts of a $72.5-billion gap. Exports increased by 1.5% to $265.9 billion, the second-highest on record, while imports grew by a more modest 0.6% to $339 billion.
Gold and oil prices both decreased by 0.7% and 0.8%, respectively, marking their fourth consecutive session of declines.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rebounded by 4.9% after experiencing a 7% drop on Monday.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,312.03</td>
<td>2.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,295.41</td>
<td>2.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,081.01</td>
<td>1.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,301.11</td>
<td>1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:55 p.m. ET </figcaption></figure>
According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent080624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was trading 2.2% higher to $528.42.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.7% to $393.21.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 2.4% to $445.63.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.9% to $206.06.</li>
<li>All 11 sectors of the S&amp;P 500 saw gains, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) leading the way, increasing by 3.1%. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) witnessed the smallest gain, up 1.4%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied over 6%, snapping three straight session of losses. </li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) soared over 5%, marking its best one-day surge in a month. </li>
</ul>
Stocks reacting to company earnings included: 
<ul>
<li>ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), down by nearly 18%, </li>
<li>Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), up 3.8%,</li>
<li>Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), up 6.9%,</li>
<li>CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), up 3.7%,</li>
<li>Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), up 2.3%,</li>
<li>Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>), down 4.4%,</li>
<li>Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), up 6.7%,</li>
<li>GLOBALFOUNDRIES Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>), down 1%,</li>
<li>Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), down 0.7%,</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) up 9%, </li>
<li>Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), up 6.8%,</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) up 12.3%, </li>
<li>Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), up 11%</li>
<li>Teradata Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) down about 14%,</li>
<li>WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) down 6.7%,</li>
<li>Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) up 3.7%,</li>
<li>ZoomInfo Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>), down nearly 19%.</li>
</ul>
Companies reporting after the close are Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Cirrus Logic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRUS#NASDAQ">CRUS</a>), Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Jack in the Box Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>), IAC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>), Tripadvisor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>).
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Photo via Shutterstock.

Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What's Driving Markets Tuesday?

Expeditors International Of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) reported a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40187659/expeditors-reports-second-quarter-2024-eps-of-1-24" rel="noreferrer noopener">second-quarter fiscal 2024 revenue</a> increase of 9% year-over-year to $2.439 billion, beating the consensus of $2.28 billion.
Airfreight tonnage volume increased by 15%, and ocean container volume decreased by 3%. EPS of $1.24, down 5% YoY, missing the consensus of $1.26.
Operating income decreased 9.9% to $223.92 million; the margin contracted 191 bps to 9.2%.
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EXPD's cash flow from operations for the quarter totaled $126.769 million, down from $158.446 million a year ago. The company held cash and cash equivalents at the end of the period of $1.271 billion.
The company returned $205 million to shareholders in common stock repurchases and dividends during the quarter.
"Air market capacity has been constrained by e-commerce demand, and ocean routing has been significantly disrupted by geopolitical events in the Red Sea, causing less frequent services due to blank sailings, longer transit times as well as port congestion. We have continued to adjust to the disruptions and uneven demand, keeping costs in check while we work to bring efficiency back in line with historical expectations," commented Jeffrey S. Musser, president and Chief Executive Officer.
"Expenses are still high compared to our 30% efficiency target (operating income as a percentage of revenue less directly related cost of transportation and other expenses), with compensation being our largest and most variable operating expense," commented Bradley S. Powell, Senior Vice President and Chief Financial Officer.
Price Action: EXPD shares are trading lower by 4.27% at $116.11 at the last check Tuesday.
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Expeditors International Boasts 9% Revenue Boost In Q2, Returns $205M To Shareholders

Expeditors International of Washington shares are trading lower after the company reported worse-than-expected Q2 adjusted EPS results.

Expeditors Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NASDAQ">EXPD</a>) reported quarterly earnings of $1.24 per share which missed the analyst consensus estimate of $1.26 by 1.59 percent. The company reported quarterly sales of $2.40 billion which beat the analyst consensus estimate of $2.28 billion by 5.32 percent. This is a 7.14 percent increase over sales of $2.24 billion the same period last year.

Earnings Misses

Expeditors Intl Q2 2024 Adj EPS $1.24 Misses $1.26 Estimate, Sales $2.40B Beat $2.28B Estimate

U.S. stocks look to bounce back on Tuesday following an across-the-board sell-off in the previous session. Strategists say<a href="https://www.benzinga.com/markets/equities/24/08/40179293/strategist-warns-theres-a-serious-collapse-thats-coming-after-mondays-global-market-crash-tons-a"> all the yen carry trades haven&#8217;t been unwound yet,</a> which raises the specter of incremental weakness. That said, positive reactions to earnings from tech players such as Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>) could buoy sentiment.
Tech stocks are reversing course, riding on these positive earnings. The CBOE Volatility Index, widely known as VIX, has pulled back notably toward the 32 level. Given the absence of any major catalysts, volatility will likely remain contained. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.86%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.82%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.71%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.75%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.78% to $521.40, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.82% to $438.95, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
Wall Street closed Monday&#8217;s session notably lower, although off its intraday lows. The global equity market plunge set in motion by the Japanese market on Monday spilled over into the U.S. The major averages opened notably lower but a report that showed that the service sector moved into expansion territory helped them trim some of the losses. Yet the averages closed the session sharply lower.
The S&amp;P 500 and the Nasdaq Composite fell for a third straight session, settling at three-month lows, while the Dow Jones Industrial Average retreated to its lowest since June 14.
The sell-off was across the board, with the IT, communication services and consumer discretionary stocks plunging hard.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.43%</td>
<td>16,200.08</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-3.00%</td>
<td>5,186.33</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-2.60%</td>
<td>38,703.27</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-3.33%</td>
<td>2,039.16</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Insights From Analysts: </figcaption></figure>
The recent correction is healthy for the market, according to WisdomTree Senior Economist and Wharton professor Jeremy Siegel. Volatility has finally returned to the market, the economist said, adding that this equity risk is what creates a premium long-term return.
A correction of 5-10% from the highs is healthy, Siegel said. &#8220;I would be more worried had the market continued to surge higher with no correction and created more bubble-like conditions,&#8221; he said.
&#8220;In the short run, if the Fed does not indicate that it will react soon, the outlook is very unsettled.&#8221;
Carson Group&#8217;s Chief Market Strategist Ryan Detrick sees light at the end of the tunnel. Drawing on historical data, the strategist noted that when the S&amp;P 500 Index falls by at least 1% on Thursday, Friday, and Monday, strong returns are typically observed three months later. Historically, this pattern has resulted in gains 90% of the time, with an average increase of around 10%.
&#8220;A year later up 18 of 21 and up 22.5% on avg,&#8221; he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 down at least 1% on a Thursday, Friday, and Monday? Pretty strong returns across the board. 3 months later higher 90% of the time and up nearly 10% on avg. A year later up 18 of 21 and up 22.5% on avg. Huh. Good chance those times felt pretty bad also. <a href="https://t.co/srKtgx1vqx">pic.twitter.com/srKtgx1vqx</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1820678336277856286?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
<ul>
<li>The Commerce Department is scheduled to release its trade balance report for June at 8:30 a.m. EDT. Economists, on average, expect a narrowing of the trade deficit from $75.1 billion in May to $72.5 in June.</li>
<li>The Treasury will auction three-year notes at 11:30 a.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Palantir climbed over 7% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results.</li>
<li>The other stocks moving on earnings are Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) (up 9%), ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) (down about 7.50%), Navitas Semiconductor (up about 5%), ZoomInfo Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>) (down nearly 15%), Teradata Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) (down about 8%) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>) (up over 8%) </li>
<li>Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>), Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), GLOBALFOUNDRIES Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>), Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening</a>.</li>
<li>Those reporting after the close are Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Cirrus Logic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRUS#NASDAQ">CRUS</a>), Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Jack in the Box Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>), IAC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>), Tripadvisor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures rebounded after three straight sessions of declines and gold futures also advanced moderately, while the 10-year benchmark Treasury note yield rose 5.4 basis points to 3.836%.
Bitcoin (CRYPTO: BTC<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour">)</a> climbed over 6.5% and approached the $55K level.
In Asia, the sentiment was mixed. The Japanese market, which was the epicenter of Monday&#8217;s sell-off, rebounded strongly, with the Nikkei 225 average climbing over 10%. The Taiwanese and South Korean markets also rose notably. The Chinese market advanced, although the gain was much more modest, and the Australian market finished strong amid the nation&#8217;s central bank deciding to keep interest rates unchanged. On the other hand, the Indian, Malaysian, Hong Kong and New Zealand markets moved to the downside.
European stocks were lower in early trading amid volatility. 
Read Next:
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</ul>
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