FedEx Rises as Investors Focus on Demand, Not Forecast
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FedEx Corp. rose to the highest since 2008 in New York trading as investors focused on strength in shipping demand rather than a reduced earnings forecast the company attributed to winter storms and rising fuel prices.
Adjusted third-quarter profit will slide to a range of 70 cents to 90 cents a share, from a projection of 95 cents to $1.15, Memphis, Tennessee-based FedEx said late yesterday, sending the stock sliding in extended trading. Analysts expected $1.02, the average of 20 estimates compiled by Bloomberg.