“FedEx Corp. FDX -0.10% on Tuesday said a sharp decline in manufacturing activity would harm its profits, a sign of how declining Chinese output is ricocheting across economies around the world.
The world’s largest air-cargo shipper by revenue said earnings in the August-ended quarter came in below its already reduced expectations. FedEx shares fell 3.1% to $84.85 in after-hours trading, with rival United Parcel Service Inc. UPS -0.15% down 1.9% at $72.31.
“It looks bad,” said David Vernon, an analyst at Sanford C. Bernstein & Co. He said the global economy has decelerated faster than even FedEx anticipated.”Twitter
i call serious bullshit.david vernon either doesnt really know,and is using the excuse of “slowed” manufacturing for fdx bad numbers. or he does know and is lying. get your put spreads ready kiddies,fdx is going down !!!