News Snapshot:
FedEx 's bleak preliminary earnings and outlook sent shockwaves through the market and stocks lower during last Friday's trade. The Tennessee-based shipping and logistics company announced preliminary earnings for the fiscal first-quarter that missed Wall Street's expectations by a landslide. It also withdrew its full year guidance — issued just three months ago — and said it was "aggressively accelerating" efforts to cut costs. FedEx's warning is not the first in an increasingly tumultuous transportation sector. Air cargo traffic fell by 9.7% in July compared to a year ago, according to data from the International Air Transport Association — the...
