FedEx May Cut Jobs, Add Fewer Stores as Demand Wanes - Bloomberg
FedEx Corp. stunned investors a week ago by slashing its annual profit forecast, sending the stock down the most in 21 years. Job cuts may be next at the shipper, a proxy for the U.S. economy.
With the recession deepening, the second-largest package delivery company must trim labor costs, speed retirement of older jets and halt expansion of its FedEx Office printing shops, said Dan Ortwerth, an Edward Jones & Co. analyst.
FedEx Corp. stunned investors a week ago by slashing its annual profit forecast, sending the stock down the most in 21 years. Job cuts may be next at the shipper, a proxy for the U.S. economy.
With the recession deepening, the second-largest package delivery company must trim labor costs, speed retirement of older jets and halt expansion of its FedEx Office printing shops, said Dan Ortwerth, an Edward Jones & Co. analyst.
