FedEx said retailers are keeping inventory levels low and it isn’t expecting its peak season to show as much volume as 2010.
(Mark Lennihan/Associated Press)
MARKET MOVERS
FedEx Corp. shares hit the brakes as the transportation giant cut its full-year profit forecast amid declining demand in the United States and Asia. Per-share earnings will be $6.25 to $6.75, 10 cents lower than the previous range, Memphis-based FedEx said. Analysts had projected $6.35. The economic bellwether saw US shipments fall for the second quarter in a row as economic growth was slower than expected.
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