I started this.
FedEx shares plunge 10% as company cuts forecast, warning of economic slowdown - CNBC
- FedEx’s stock is on pace for its worst day since December 2008 since the company lowered its forecast for full-year earnings because of the decline in global trade.
- Chairman and CEO Frederick Smith concluded the call by saying “most of the issues that we’re dealing with today are induced by bad political choices,” naming Brexit and U.S. tariffs as headwinds.
- The logistics company also announced a plan to cut costs that includes buyouts for U.S. employees and limiting hiring.