FedEx’s stock rises after $1 billion accelerated buyback program announced

FedEx Corp. shares FDX climbed 0.5% premarket Tuesday, after the package delivery company announced an accelerated $1 billion stock buyback program. The ASR deal represents about 1.6% of FedEx’s market capitalization of $61.98 billion as of Friday’s close. The company said the buybacks would be finalized no later than February 29. When the company released its second-quarter financial results last week, FedEx said it planned to repurchase $1 billion worth of stock in 2024. FedEx shares are up 43.2% annually. so far through Friday, while shares of rival United Parcel Service Inc. lost 9% and the S&P 500…