FedEx Corp shares tumbled more than 10% on Wednesday after the company slashed i...
) shares tumbled more than 10% on Wednesday after the company slashed its 2020 profit forecast a second time, as it revamps its business to replace slumping air shipments with lower-profit residential deliveries.
At least six analysts cut FedEx’s price target, unswayed by executives’ assertion that the business had bottomed and would improve substantially before the fiscal year ends in May 2020. FedEx lowered its fiscal 2020 forecast by roughly 9%, citing costs related to launching seven-day delivery, lost revenue from its split with the world’s top online retailer and the ongoing U.S-China trade standoff that has roiled global trade.
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