FedEx, the Memphis-based shipping giant, reported earnings that sent shares down nearly 4% in early morning trading. Earnings of $2.14 were over 50 cents higher than the results from the same period last year, but were 33 cents below the consensus expectations. Sales of roughly $12 billion were slightly below forecasts, but half a billion greater than the same quarter in the prior year. FedEx saw volume increases in both their domestic and international markets, however this growth was offset by lower fuel surcharges as well as the unfavorable currency exchange. Shares of FedEx are up nearly 16% for the year. Whalen MacHale reports for TheStreet from New York.
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