More than $6 billion in FedEx's market cap was wiped out Wednesday, its largest decline since 2008
FedEx Corp. shares plunged the most in a decade after the company’s global Express business showed its vulnerability to global trade disruptions.
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. With weaker macroeconomic conditions and uncertainty stemming from trade disputes across the globe, FedEx foresees fewer shipments moving across borders.
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