Skip to content Skip to sidebar Skip to footer

Stock market rally stalls as S&P 500 posts worst day since October

FedEx (FDX) shares fell as much as 10% early Wednesday after the company’s disappointing forecast offered late Tuesday.

The shipping giant now expects revenues to decline by a low-single-digit percentage next year after having previously forecast revenues to stay flat.

The company mentioned in its earnings call a “difficult demand environment.” Given the company’s reach across industries and geographies, there may be some read-through for some investors on the state of the global economic recovery.

But for years now, the struggles at FedEx have been mostly about FedEx itself.

Over the last six years, the stock has gone nowhere while the S&P 500 has gained 75%.

The current challenges at FedEx mostly center on the company’s push to integrate its Express, Ground, and other business units into a single org. Back in 2016, the company spent $5 billion to acquire TNT Express to expand its global…

Read the full article…