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FedEx Shares Tank by 17% – Company Expects Things to Get Worse


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FedEx CEO Raj Subramaniam raised eyebrows when he said he expects the economy to enter a ‘WORLDWIDE RECESSION.’

FedEx CEO Says “Worldwide Recession” Is Imminent

Although we've been sounding that alarm for months now, people tend to take notice when a major CEO says it.

Subramaniam told CNBC’s Jim Cramer on Thursday that he believes a recession is impending for the global economy.

“I think so. But you know, these numbers, they don’t portend very well,” Subramaniam said in response to Cramer’s question of whether the economy is “going into a worldwide recession.”

Perhaps the global economy is tanking quicker than even Subramaniam predicted.

FedEx stock tanked after hours on Thursday after the company released a revised outlook for the year.

FedEx stock dropped 17% in the extended session Thursday.

The company expects things to get worse.

Steve Bannon discussed the events on War Room.

He called the news "massive."

https://twitter.com/BradPorcellato/status/1570759853001347074

The company vowed to cut costs “aggressively” and said it was mulling over other ways to “enhance productivity.”

From Steve Bannon:

MarketWatch provided additional details:

FedEx Corp. shares fell nearly 17% in the extended session Thursday after the logistics company pulled its outlook for the year, called for significantly lower quarterly profit and lower revenue, and said that fiscal 2023 is about to become worse.

FedEx said fiscal first quarter was hit by lower volumes globally, a trend that got worse toward the end of the quarter. It expects its business conditions “to further weaken” in the fiscal second quarter.

The company called for preliminary fiscal first-quarter adjusted earnings of $3.44 a share on sales of $23.3 billion.

Analysts polled by FactSet expect the company to report adjusted EPS of $5.14 on sales of $23.6 billion in the quarter when it reports a complete financial snapshot on Sept. 22. FedEx said it will offer an updated outlook and detail its cost-cutting plans then.

FedEx blamed “macroeconomic weakness” in Asia and “service challenges” in Europe for a $500 million revenue shortfall in these regions. Moreover, revenue from FedEx Ground is about $300 million below company forecasts, the company said.

FedEx vowed to cut costs “aggressively” and said it was mulling over other ways to “enhance productivity.”

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Robin Bullock: Confronting The Massive Coming Crash

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Bo Polny: The Fireworks Start In September! Bitcoins Massive Move…

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