FedEx Falls After Forecast Cut as Economy Curbs Premium Shipping
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FedEx Corp. dropped the most in three months after cutting its annual profit outlook because a weakening economy has prompted shippers in the U.S. and overseas to switch to cheaper delivery options.
Earnings for the year ending in May will be $6.20 to $6.60 a share compared with a previous forecast of $6.90 to $7.40, the Memphis, Tennessee-based company said today. That excludes potential benefits from cost cuts currently under review.