Why FedEx Stock Is Plunging Today
Shipping giant (NYSE: FDX) delivered quarterly results that missed expectations, and the company sees a challenging environment up ahead. Investors were disappointed, sending shares of FedEx down 11% as of noon ET Wednesday.
FedEx is viewed as a good barometer for the health of the overall economy because so many companies rely on it for shipping. In its fiscal second quarter, ending Nov. 30, FedEx reported year-over-year growth in operating income and margin expansion, but the results still fell short of expectations.
FedEx earned $3.99 per share in the quarter on revenue of $22.2 billion, shy of the estimate of $4.20 per share on sales of $22.41 billion.
Source Fool.com
Fedex Corp. Stock
€248.45
0.440%
The stock is an absolute favorite of our community with 31 Buy predictions and no Sell predictions.
With a target price of 281 € there is a slightly positive potential of 13.1% for Fedex Corp. compared to the current price of 248.45 €.
