FedEx Corp. withdrew its annual earnings forecast and said preliminary results for the latest quarter fell short of expectations, sending shares of the package-delivery giant tumbling and stoking fears that economic conditions are worsening.
“Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the US,” Chief Executive Officer Raj Subramaniam said in a statement. “We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first-quarter results are below our expectations.”
General Electric Co.’s chief financial officer warned Thursday that the company is seeing pressure on cash flow amid supply-chain snags, while industrial titans U.S. Steel Corp., Alcoa Corp. and Nucor Corp. have said deliveries are waning. The CEO of McDonald’s Corp. said Wednesday he expects a minor US recession in 2023 and a more significant one in Europe.
Market red! Thanks FedEx🤬
The consumer is fine
Get ready for a big sell off tomorrow
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