Sep 19, 2019

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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Updated 11 hours ago - Politics & Policy

In photos: Protesters clash with police nationwide over George Floyd

Police officers grapple with protesters in Atlanta. Photo: Elijah Nouvelage/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd spread nationwide on Friday evening and continued into Saturday.

The big picture: Police responded over the weekend in force, in cities ranging from Salt Lake City to Atlanta to Des Moines, Houston to Detroit, Milwaukee to Washington, D.C., Denver and Louisville. Large crowds gathered in Minneapolis on Saturday for the fourth day in a row.

Updated 29 mins ago - Politics & Policy

George Floyd protests: What you need to know

Photo: David Dee Delgado/Getty Images

Clashes erupted between police and protesters in several major U.S. cities Saturday night as demonstrations over the death of George Floyd and other police-related killings of black men spread across the country.

The big picture: Floyd's death in Minneapolis police custody is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Massive demonstrations put police response to unrest in the spotlight

Washington State Police use tear gas to disperse a crowd in Seattle during a demonstration protesting the death of George Floyd. Photo: Jason Redmond/AFP via Getty Images

The response of some officers during demonstrations against police brutality in the U.S. has been criticized for being excessive by some officials and Black Lives Matter leaders.

Why it matters: The situation is tense across the U.S., with reports of protesters looting and burning buildings. While some police have responded with restraint and by monitoring the protests, others have used batons, tear gas, rubber bullets and other devices to disperse protesters and, in some cases, journalists.