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Sept. 18, 2019, 10:13 a.m. EDT

FedEx's stock plunges toward worst day since financial crisis

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By Tomi Kilgore

Shares of FedEx Corp. /zigman2/quotes/203047719/composite FDX -0.50% plummeted 13.2% on heavy volume in morning trading Wednesday, putting them on track to suffer the biggest one-day decline in nearly 11 years, after the package delivery giant reported disappointing quarterly results and cut its full-year outlook. Trading volume topped 7.5 million shares, compared with the full-day average of about 1.8 million shares. The stock is in danger of suffering its fourth-worst day in its history, with the three worse days all occurring on or near broader bear markets. The largest decline was 16.4% on Oct. 19, 1987, or Black Monday, followed by a 14.5% tumble on Dec. 9, 2008, in the midst of the Great Recession. The third biggest decline was 14.3% on June 25, 2002, in the wake of the dot-com crash. Meanwhile, the stock had dropped 12.2% on Dec. 19, 2018, after the company cut its profit outlook and said it was looking to eliminate thousands of jobs to lower costs. FedEx's stock has now lost 6.7% year to date, while the Dow Jones Transportation Average /zigman2/quotes/210598063/realtime DJT -0.45% has gained 14.8% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.16% has advanced 16.0%.

/zigman2/quotes/203047719/composite
US : U.S.: NYSE
$ 307.71
-1.55 -0.50%
Volume: 462,183
May 18, 2021 1:53p
P/E Ratio
20.25
Dividend Yield
0.85%
Market Cap
$82.06 billion
Rev. per Employee
$282,518
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/zigman2/quotes/210598063/realtime
US : Dow Jones Indices
15,762.05
-71.25 -0.45%
Volume: 63.69M
May 18, 2021 1:53p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,272.00
-55.79 -0.16%
Volume: 169.75M
May 18, 2021 1:53p
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