Shares of FedEx Corp. fell about 7 percent before the bell on March 20 after the package delivery company cut its 2019 profit forecast for the second time blaming slowing global trade growth and continued weakness in its international Express business.
The profit warning and weak quarterly results have resulted in a slew of price target cuts, with Morgan Stanley cutting to $148 from $156, as the full year forecast cut was much bigger than expected and implied a tough fourth quarter.
