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<blockquote data-quote="Goldilocks" data-source="post: 1020437" data-attributes="member: 41888"><p><a href="http://online.wsj.com/article/SB10000872396390443759504577631912122822228.html" target="_blank">FedEx First-Quarter Earnings View Citing Weak Global Economy - WSJ.com</a></p><p></p><p>FedEx Corp. FDX -1.99% on Tuesday said a sharp decline in manufacturing activity would harm its profits, a sign of how declining Chinese output is ricocheting across economies around the world.</p><p></p><p>The world's largest air-cargo shipper by revenue said earnings in the August-ended quarter came in below its already reduced expectations. FedEx shares fell 3.1% to $84.85 in after-hours trading, with rival United Parcel Service Inc. UPS -2.39%down 1.9% at $72.31.</p><p></p><p>"It looks bad," said David Vernon, an analyst at Sanford C. Bernstein & Co. He said the global economy has decelerated faster than even FedEx anticipated.</p><p></p><p>FedEx is viewed as an economic bellwether, transporting everything from financial documents to pharmaceuticals to auto parts. Like UPS, FedEx has been hit by an overall slowdown in shipments and tougher competition from ocean freight as customers seek cheaper transport options.</p><p></p><p>Both FedEx and UPS have cut capacity out of Asia. The International Air Transport Association last week said members saw no signs of improvement in the global air freight market.</p><p></p><p></p><p><img src="http://si.wsj.net/public/resources/images/MK-BW965_FEDEX_D_20120904192709.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p>Associated Press FedEx said quarterly profit would be below its forecast range.</p><p></p><p></p><p></p><p><strong>Related Reading</strong></p><p></p><p></p><ul> <li data-xf-list-type="ul"><a href="http://blogs.wsj.com/marketbeat/2012/09/05/fedex-warning-crystallizes-global-slowdown/" target="_blank"><strong>MarketBeat:</strong> Warning Crystallizes Global Slowdown</a></li> </ul><p><strong>Earlier</strong></p><p></p><p></p><ul> <li data-xf-list-type="ul"><strong><a href="http://online.wsj.com/article/SB10000872396390444318104577586901911242214.html" target="_blank">FedEx Plans Buyouts for Some U.S. Staff </a></strong>8/13/12</li> <li data-xf-list-type="ul"><strong><a href="http://online.wsj.com/article/SB10001424052702303703004577476241416089720.html" target="_blank">FedEx CEO Predicts Industry Shift</a> </strong>6/19/12</li> <li data-xf-list-type="ul"><a href="http://online.wsj.com/article/SB10001424052702303918204577446790816893870.html" target="_blank"><strong>FedEx Accelerates Retirement of Aircraft</strong> </a>6/4/12</li> </ul></blockquote><p></p>
[QUOTE="Goldilocks, post: 1020437, member: 41888"] [URL='http://online.wsj.com/article/SB10000872396390443759504577631912122822228.html']FedEx First-Quarter Earnings View Citing Weak Global Economy - WSJ.com[/URL] FedEx Corp. FDX -1.99% on Tuesday said a sharp decline in manufacturing activity would harm its profits, a sign of how declining Chinese output is ricocheting across economies around the world. The world's largest air-cargo shipper by revenue said earnings in the August-ended quarter came in below its already reduced expectations. FedEx shares fell 3.1% to $84.85 in after-hours trading, with rival United Parcel Service Inc. UPS -2.39%down 1.9% at $72.31. "It looks bad," said David Vernon, an analyst at Sanford C. Bernstein & Co. He said the global economy has decelerated faster than even FedEx anticipated. FedEx is viewed as an economic bellwether, transporting everything from financial documents to pharmaceuticals to auto parts. Like UPS, FedEx has been hit by an overall slowdown in shipments and tougher competition from ocean freight as customers seek cheaper transport options. Both FedEx and UPS have cut capacity out of Asia. The International Air Transport Association last week said members saw no signs of improvement in the global air freight market. [IMG]http://si.wsj.net/public/resources/images/MK-BW965_FEDEX_D_20120904192709.jpg[/IMG] Associated Press FedEx said quarterly profit would be below its forecast range. [B]Related Reading[/B] [LIST] [*][URL='http://blogs.wsj.com/marketbeat/2012/09/05/fedex-warning-crystallizes-global-slowdown/'][B]MarketBeat:[/B] Warning Crystallizes Global Slowdown[/URL] [/LIST] [B]Earlier[/B] [LIST] [*][B][URL='http://online.wsj.com/article/SB10000872396390444318104577586901911242214.html']FedEx Plans Buyouts for Some U.S. Staff [/URL][/B]8/13/12 [*][B][URL='http://online.wsj.com/article/SB10001424052702303703004577476241416089720.html']FedEx CEO Predicts Industry Shift[/URL] [/B]6/19/12 [*][URL='http://online.wsj.com/article/SB10001424052702303918204577446790816893870.html'][B]FedEx Accelerates Retirement of Aircraft[/B] [/URL]6/4/12 [/LIST] [/QUOTE]
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