FedEx stock (FDX) tanked nearly 15% Friday morning following a much-worse-than-anticipated quarterly earnings report the day before, highlighting investor concerns over emerging cracks in the US economy.
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FedEx, which is often viewed as a bellwether for the economy, reported profits of $892 million, about 24% lower than analysts anticipated for its fiscal first quarter ended Aug. 31. The company also lowered its financial outlook for the fiscal year ahead, projecting earnings per share between $20 and $21 versus its prior range of $20 to $22.
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