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00:03FedEx completed the spinoff of FedEx Freight on Monday,
00:06clearing the way for its trading debut on the New York Stock Exchange, according to Reuters.
00:10FedEx Freight is the largest provider of less-than-truckload services in the U.S. FedEx
00:15Freight enters the market as freight rates may be recovering from a four-year slump,
00:20driven partly by operators exiting due to financial losses and regulatory pressure
00:25to restrict commercial driver licenses to U.S. citizens.
00:28As an independent company, FedEx Freight expects average revenue growth of 4% to 6%
00:34and core profit growth of 10% to 12% in the medium term.
00:39Short-term profits will face pressure from separation and modernization costs.
00:43FedEx shares rose 2.2% in pre-market trading following the announcement.
00:48For all things money, visit Benzinga.com.
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