FedEx faces steepest stock drop since 2008
FedEx shares fell by the most in a decade after chairman and CEO Fred Smith expressed extreme pessimism about the global economy and the delivery giant’s future during his investor call.
What's happening: "The Memphis, Tenn.-based delivery giant on Tuesday cut its earnings guidance for the fiscal year citing lower revenue projections in its Express unit, which ferries packages and cargo by planes around the world," the Wall Street Journal reports.
What they're saying: “I think there is a lot of whistling past the graveyard about the U.S. consumer and the United States economy versus what’s going on globally,” Smith said during the call.
- CNBC’s Jim Cramer called it “the most dispiriting call about the economy I’ve heard in a very long time."
Flashback: Shares fell 13%, the most since December 2008, wiping out almost $6 billion in market cap and sending the company's stock near its lowest level in 5 years.
Go deeper: FedEx ends Amazon ground deliveries