Corporate America is starting to brace for a recession. Economic bellwether FedEx (FDX) stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy. FedEx’s bad news overshadowed a more promising development on Thursday, the agreement between railroad operators and unions to avoid what could have been a crippling […]
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FedEx warns of a global recession; stock sinks
FedEx warned that a global recession could be coming, as demand for packages around the world tumbles. Shares of FedEx (FDX) plunged 21% Friday — the biggest one-day drop in its history — after the company warned late Thursday that a slowing economy will cause it to fall $500 million short of its revenue target. […]
Labor Shortages Forcing Fed Ex To Re-Route Over 600,000 Packages A Day
FedEx is rerouting hundreds of thousands of packages every day while it scrambles to cope with the labor shortage plaguing many businesses in the U.S. FedEx Chief Operating Officer Raj Subramaniam said during an earnings call this week that there have been “widespread inefficiencies” in its operation due to “constrained labor markets” which have ultimately […]