| 3 October 2023, Tuesday |

FedEx warning drives worst decline in stock, deepens slowdown fears

FedEx Corp’s shares had their worst day ever and closed at the lowest price since early pandemic months, 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 company’s preliminary results for the fiscal first quarter sent the stock tumbling over 24% to a session low of $155, the lowest since July 2020, with the company wiping off about $12.5 billion in market capitalization.

  • Reuters