Economics
FedEx Falls After Profit Forecast Narrowed on Economic Slump
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FedEx Corp. fell after the world’s largest cargo airline trimmed the top range of its full-year profit forecast and pared its projection for global economic growth.
Earnings will be $8.80 to $8.95 a share in the fiscal year ending May 31, the Memphis, Tennessee-based company said in a statement Wednesday. FedEx had reiterated a forecast of $8.50 to $9 a share on Jan. 23. Analysts estimated $8.98 on average.