FedEx announced earnings and the stock cratered. Here’s what Wall Street had to say about it.
You’re not going to believe this but… FedEx just reported earnings and their stock cratered! I know, I was as surprised as you are. But the thing is, Wall Street had a lot to say about it. So I’m going to share with you some of the big news from the financial sector so you can see what they had to say for yourself.
According to Zero Hedge. FedEx said it’s withdrawing its fiscal year 2023 earnings forecast as a result of the preliminary 1Q financial performance and expectations for a continued volatile operating environment.
FedEx’s top executive, who assumed the role earlier this year, blamed the company’s poor performance on falling worldwide cargo volumes and said we are headed for a worldwide recession.
FedEx’s move has triggered an avalanche of downgrades from countless banks including Bank of America, Stifel, JP Morgan and KeyBanc.. These are.banks who are supposed to predict the move not react to it, and yet despite the biggest drop ever, there is still just one sell rating!
As of 730am, the S&P futures were down 0.8% to their lowest level in two months, while Nasdaq 100 was down more than 1%, as Europe headed for a fourth day of losses, and Asia was a sea of red.
Besides Fedex’s implosion, Uber shares fell 5.3% in US premarket trading after the ride-hailing company shut down internal Slack messaging while investigating a cybersecurity breach. In addition to bank stocks, S&P 500 futures are down, while the US 10-year Treasury yield is up.
Joe Biden’s economy is in complete collapse and it’s only going to get worse. This market selloff is just the beginning. The Fedex news proves that his policies are killing America. We need to get rid of him and put someone in office who knows how to fix our economy.
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