“The FedEx news was pretty stark. But when I read it, I wasn’t surprised,” BNP Paribas Chief U.S. Economist Carl Riccadonna told MarketWatch. He said it fits his view that a “massive deceleration” is under way for the U.S. economy.
FedEx Corp. has bad news for investors, but what the logistics company’s massive profit warning says about the U.S. economy may be even worse.
FedEx late Thursday slashed its earnings forecast, pulled its outlook for the year, and called for a shortfall of half a billion dollars.The global logistics and shipping company represents “the pulse of global goods activity,” said Jack Ablin, chief investment officer at Cresset Capital. Wall Street was quick to point out that other parts of FedEx’s business, including its express service, were also ailing.
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