FedEx Falls After Lowering 2013 Forecast Amid Asia Cuts
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FedEx Corp. tumbled the most since September 2011 after lowering its 2013 earnings forecast and planning capacity cuts in Asia amid a widening customer shift to its cheaper overseas delivery services.
Profit in the fiscal year through May will be $6 to $6.20 a share, down from an earlier projection of as much as $6.60, the Memphis, Tennessee-based company said in a statement today. The forecast and fiscal third-quarter profit both trailed analysts’ estimates.