FedEx shares on track for their worst week since the 1987 stock market crash

0
7

FedEx Corp. shares FDX, -21.40% are currently down 23.4% on the week, putting them on track for their worst week since the stock market crash of October 1987. The stock lost 25.6% in the week through Oct. 23 of 1987. FedEx late Thursday slashed its earnings forecast, pulled its outlook for the year, and called for a shortfall of half a billion dollars. The news shook investors and led to a broad selloff that included major retailers who are perilously close to the key holiday shopping season. The global logistics and shipping company represents “the pulse of global goods activity,” said Jack Ablin, chief investment officer at Cresset Capital. “Global shipping activity has been in a downtrend. Weekly trucking demand, after peaking last February, has been in freefall,” Ablin said. Companies that “double- and triple-ordered during supply chain shortages now face brimming inventory.”

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleFive Questions With: In rare sit-down, Nobel Prize–winning economist Peter Diamond sees ‘significant power shift from employers to workers’ underway
Next articleU.S. stocks open sharply lower Friday after FedEx withdraws earnings forecast

LEAVE A REPLY

Please enter your comment!
Please enter your name here