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.