“The FedEx news was pretty stark. But when I read it, I wasn’t surprised,” BNP Paribas Chief U.S. Economist Carl Riccadonna told MarketWatch. He said it fits his view that a “massive deceleration” is under way for the U.S. economy.
FedEx Corp. has bad news for investors, but what the logistics company’s massive profit warning says about the U.S. economy may be even worse.
FedEx late Thursday slashed its earnings forecast, pulled its outlook for the year, and called for a shortfall of half a billion dollars.The global logistics and shipping company represents “the pulse of global goods activity,” said Jack Ablin, chief investment officer at Cresset Capital. Wall Street was quick to point out that other parts of FedEx’s business, including its express service, were also ailing.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Several analysts bail on FedEx after delivery giant's earnings warningIt's time for investors to take a pause on buying up shares of FedEx, analysts say.
Read more »
Stocks Making the Biggest Moves Premarket: FedEx, International Paper, Uber and MoreThese are the stocks posting the largest moves before the bell.
Read more »
FedEx closing stores, offices, delaying hires, pulls forecastFedEx is cutting back. The delivery giant said it is closing some stores and offices and also delaying hiring new employees due to a decline in its package delivery business.
Read more »
FedEx Stock Tumbles More Than 20% After Warning on Economic TrendsFedEx shares fell more than 20% after the company reported a swift downturn in shipping volumes in recent weeks as macroeconomic trends worsened, prompting a round of belt tightening to preserve profits
Read more »
N.J. residents file lawsuit against Commanders for railing collapse after Eagles game at FedEx FieldFour Philadelphia Eagles fans are suing the Washington Commanders for an accident following the game at FedEx Field on Jan. 2.
Read more »