Stock Market Today: FedEx Warning Amplifies Wall Street Jitters
Stocks capped off a terrible week with another slide as a warning from one of Wall Street''s bellwether firm''s stoked concern about the U.S. economy. SEE MORE 10 Electrifying EV Stocks Worth Watching After Thursday''s close, delivery giant FedEx ( FDX , -21.4%) – whose financial results are often seen as a read on broader economic conditions – issued preliminary fiscal first-quarter earnings and revenue figures that were well below estimates. The company cited a recent acceleration in "global volume softness," and specifically pointed to "macroeconomic weakness in Asia and service challenges in Europe." FDX also withdrew its outlook for the full fiscal year, and said it is initiating several cost-cutting measures to offset the effects of lowered demand, including deferring staff hiring, closing 90 FedEx office locations and ending Sunday operations for several FedEx Ground locations. The company is slated on the earnings calendar to report its full quarterly results after next Thursday''s close.
Stock Market Today: FedEx Warning Amplifies Wall Street Jitters
Stocks capped off a terrible week with another slide as a warning from one of Wall Street''s bellwether firm''s stoked concern about the U.S. economy. SEE MORE 10 Electrifying EV Stocks Worth Watching After Thursday''s close, delivery giant FedEx ( FDX , -21.4%) – whose financial results are often seen as a read on broader economic conditions – issued preliminary fiscal first-quarter earnings and revenue figures that were well below estimates. The company cited a recent acceleration in "global volume softness," and specifically pointed to "macroeconomic weakness in Asia and service challenges in Europe." FDX also withdrew its outlook for the full fiscal year, and said it is initiating several cost-cutting measures to offset the effects of lowered demand, including deferring staff hiring, closing 90 FedEx office locations and ending Sunday operations for several FedEx Ground locations. The company is slated on the earnings calendar to report its full quarterly results after next Thursday''s close.