FedEx Misses 2Q Earnings, Reaffirms Profit Forecast

Despite expectations for a positive earnings report, FedEx reported earnings per share of $2.14, missing the consensus of $2.25. Revenue also fell short at $11.9 billion compared to the expected $11.98 billion. The company plans to update fuel surcharges effective February 3rd. FedEx reaffirmed its full-year profit outlook, but the stock fell 2.7% due to the earnings and sales miss. A $0.16 benefit from share repurchases was noted in the second quarter.

What date will the updated fuel surcharges be effective?

What was the percentage drop in the stock price following the earnings report?