FedEx's 'jarring' guidance cut

|About: FedEx Corporation (FDX)|By:, SA News Editor

Concerns over the slowing global economy could be set to deepen next year, says Morgan Stanley's Ravi Shanker after digesting FedEx's (NYSE:FDX) whopping cuts to its 2019 forecasts.

Shanker: "We recognize that global growth has slowed but we are very surprised by the magnitude of the headwind, which is what might be seen in a severe recession."

FedEx is down 6.1% premarket; UPS is off 3%

Previously: FedEx off nearly 5% after cutting guidance; UPS dips alongside (Dec. 18)

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