FedEx Faces Sharp Decline Following Profit Forecast Cut

In a surprising turn of events, FedEx Corp experienced a nearly 11% drop in its stock value at the market open on Friday, marking its lowest point since June 2023. This significant decline comes on the heels of the company's decision to lower its annual profit and revenue forecasts.

Economic Challenges Lead to Revised Forecasts

CFO John Dietrich attributed the downward revision to the "continued weakness and uncertainty in the US industrial economy," which has adversely affected demand. The company's shares were trading at $219.8050 each by 9:30 am ET, reflecting a 10.8% decrease.