FedEx stock selloff would shave about 250 points off the Dow transports’ price

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The selloff in FedEx Corp.’s stock FDX, -21.40% is enough, by itself, to push the Dow Jones Transportation Average DJT, -5.07% down well more than the broader stock market. The package delivery company’s stock plunged 20.0% in premarket trading following a ‘staggering’ profit and revenue warning, which puts it on track to suffer a record one-day selloff. The implied price decline would shave about 250 points off the Dow transports price, which by itself would represent a 1.9% decline from Thursday’s closing price of 13,510.73. Meanwhile, the Dow Jones Industrial Average DJIA, -0.45% futures YM00, -0.19% slumped 242 points, or 0.8%, and futures ES00, +0.32% for the S&P 500 SPX, -0.72% slid 0.9%.

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

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