Shares of FedEx plunged 24% after the company said it will implement cost-cutting initiatives to contend with soft global shipment volumes.
Link copiedStocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.
, and FedEx pointed to weakness in Asia as one of the main reasons for its negative outlook. Shares of shipping rivals UPS and XPO Logistics dropped 4% and 7%, respectively, and Amazon’s stock fell 3%.
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