FedEx Sinks as Pulled Forecast Deepens Global Slowdown Fears

FedEx Sinks as Pulled Forecast Deepens Global Slowdown Fears
A FedEx delivery truck exits a facility in Brooklyn, New York, on May 9, 2022. Andrew Kelly/Reuters
Reuters
Updated:

FedEx Corp.’s shares tracked their worst day on Friday after the delivery heavyweight pulled its forecast, feeding into fears of a global demand slowdown while piling more pressure on its new chief executive for a quick turnaround.

The preliminary results sent the stock tumbling 24 percent to about $155.95, with the company poised to shed about $12.5 billion in market capitalization.