FedEx warns of global recession

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Half a billion dollars cut sales estimates

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FedX warns there could be a global recession

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FedEx Shares (FDX) Opened Up 22% in Early Trading After Friday

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Revenue target will be reduced by $500 million

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A weak global economy, especially in Asia and Europe, has hurt the FedEx Express (FDX) shipping business.

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FedEx earnings are expected to exceed 40%.

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Analysts predict excellence in profit.

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$500 million deducted from the capital expenditure budget for the fiscal year

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Which happened in May 2023, reducing spending by $6.3 billion

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FedEx Ground Service, the main way to handle delivery of online purchases made by US consumers, misses $300 million sales target

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FedEx (FDX) said adjusted earnings for the quarter ended Aug. 31 would be $260 million, or 17% lower than a year ago.

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Of the 6,000 contractors who work for FedEx, nearly 1,000 have joined the trade association to advocate for better compensation.

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