Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning, today is Thursday, September 21st, and I'm your host Julie Morgan.

FedEx is on the rise this morning after an earnings beat.

Cleveland Cliffs has refused to sign a standstill agreement with U.S. Steel and M says its IT systems at its resorts in the U.S. are back up and running.

FedEx is a 5% pre-market after its sales forecast beat estimates.

For the current fiscal year, the company forecasts flat revenue year over year,

compared to the prior forecast of flat to low single digit percent revenue growth. That compares to the 0.17

percent average analyst estimate. For the first quarter EPS of $4.55

beat the average analyst estimates by $8.55, beat the average analyst's estimates by 80 cents,

while revenue of $21.7 billion

missed by $130 million.

The company CEO said that FedEx Ground had an outstanding

quarter which when combined with improved earnings at FedEx Express and

expense controls across the organization it led to better than expected

overall financial performance.

FedEx Express operating income increased 18% during the quarter

as a 9% decline in revenue was offset by reduced operating expenses.

Operating income for FedEx Ground increased 59% during the quarter,

primarily due to yield improvement and cost reductions.

As for FedEx freight operating income was down 26% during the quarter, driven by lower fuel charges

and shipments,

partially offset by base yield improvement.

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