3. To Russia
Chinese President Xi Jinping will visit Russia next week, his first trip to the country since its invasion of Ukraine over a year ago, China's Ministry of Foreign Affairs announced Friday, adding the trip comes at the request of Russian President Vladimir Putin. Chinese officials didn't specify whether the two leaders would meet during Xi's visit, but the Kremlin said in a statement that "important bilateral documents will be signed" — without elaborating. China last month called again for a cease-fire in the war, but it's so far refused to call Russia's unprovoked attack on Ukraine an invasion. Read live updates on the Russia-Ukraine war.
4. FedEx delivers
FedEx shares shot up in off-hours trading after the company delivered an upbeat full-year earnings forecast and a quarterly report that showed its cost-cutting efforts are bearing fruit. The company said it now expects adjusted earnings for its fiscal year 2023 to come in between $14.60 and $15.20, up from a prior forecast of between $13.00 and $14.00. Executives have been carrying out an aggressive plan to reduce costs in the face of shrinking shipping volumes. The cost reductions have included layoffs, grounding planes, cutting office space and adjusting delivery services. "We are holistically adjusting to the cost base on all dimensions and all areas. Every dollar is under scrutiny," CFO Mike Lenz said during FedEx's earnings call.
5. The new Harvard
College hopefuls have a new top dream school. Yes, it's in Cambridge, Massachusetts. No, it's not Harvard. According to a new survey by the Princeton Review of college-bound students and their families, the Massachusetts Institute of Technology is the new holy grail of acceptance letters. MIT has an acceptance rate of just under 4%, making it among the hardest schools to get into, but that may be part of the appeal. "There's a subconscious consensus that it's only worth going to college if you can go to a life-changing college," said Hafeez Lakhani, founder and president of Lakhani Coaching in New York. Second on the list of "dream" schools was Stanford University, followed by Harvard University and New York University. Check out the rest of the top 10. (Warning for fellow Tar Heels: the University of North Carolina didn't make the list, but it's still my dream school.)
— CNBC's Sara Salinas wrote this newsletter. Hakyung Kim, Jesse Pound, Evelyn Cheng, Noah Sheidlower and Jessica Dickler contributed.
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