Quadruple Witching & Earnings Reaction: FDX, GME

Markets open lower today following this week’s rally. Alex Coffey weighs in on quadruple witching and its impact on the overall financial markets. On this day, all four asset classes expire simultaneously. Next, FedEx (FDX) third quarter earnings indicated $4.59 in EPS and $23.6B in revenue. The FDX stock is trading lower today following the news. Also, GameStop (GME) earnings data revealed -$1.86 in EPS versus the $0.77 estimate. However, the GME stock price is up so far today. The company announced intended launch of the NFT marketplace by the end of the second quarter in 2022. How does GME compare to other meme stocks like AMC, BBBY, and BB? Finally, Coffey discusses Wingstop (WING) being double downgraded to underweight from overweight at Piper Sandler. The analyst stated that reduced estimates are to reflect a lower royalty rate, revised expense ratio, higher interest expense, and higher tax rate.