The stock is down 10.85% (-$30.38) at $249.62
From Reuters via Yahoo Finance, December 20:
Shares of global delivery giant FedEx sank on Wednesday after its dismal results and outlook prompted a slew of price-target cuts from Wall Street, which said its air delivery business needed improvements.
If current losses hold, FedEx's shares, which fell 10%, were poised to lose over $8 billion in market cap as at least five brokerages cut their price targets (PT). Shares of rival UPS also fell 3.5%.
BoFA Global Research cut its PT by $21 to $313, the largest action on Wednesday. The stock has a median PT of $296.50, according to LSEG data.
Volatile macroeconomic conditions, muted retailer restocking and reduced demand from the company's largest Express customer, the U.S. Postal Service (USPS) - which has been diverting more packages from higher-margin air services to cost-effective ground services - dealt a blow to the company's air delivery business....
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