FedEx, which is often viewed as a bellwether for the economy, reported profits of $892 million, about 24% lower than analysts anticipated for its fiscal first quarter ended August 31. The company also lowered its financial outlook for the fiscal year ahead, projecting earnings per share between $20 and $21 versus its prior range of $20 to $22.
“The magnitude of the Fed rate cuts yesterday signals the weakness of the current environment,” FedEx CEO Raj Subramanian told analysts in a call Thursday afternoon. A woman who accused Mohammed Fayed of sexual assault was allegedly warned she might “have an accident” by his bodyguard.
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