Sep 19, 2019 - Economy & Business

FedEx faces steepest stock drop since 2008

Dion Rabouin, author of Markets
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Data: Investing.com; Chart: Axios Visuals

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

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Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

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Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

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The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

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Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.
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