Economics
FedEx Sees First Earnings Decline Since 2009 on Economy
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FedEx Corp. fell in U.S. trading after projecting its first quarterly earnings decline since 2009 as slowing economic growth hurt demand for the express packages that provide most of its sales.
A slump in Europe and slowing growth in Asia may have exposed a weakness of FedEx’s express business, which was built around customers willing to pay more for speed of delivery, said analysts from Sanford C. Bernstein & Co. and Raymond James & Associates Inc.