In stocks, FedEx shares fell after posting weaker than expected profits of $4.59 per share which missed the $4.64 Wall Street estimate and the company sees more headwinds in the current quarter.
"Staffing levels and the rapid acceleration in labor costs have stabilized and our network is operating at normal levels. Despite improvement in the labor headwind, volume levels in Q3 were softer than we had previously forecasted, in part due to omicron surge slowing customer demand. As such, we expect our second half Ground margins will be lower than our previous expectations and not reach double digits" said COO Raj Subramaniam.
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