FedEx Shares Plunge 10% as Economic Slowdown Batters Express Delivery
- FedEx shares sank 10% after reporting dismal results and outlook
- Express delivery business saw 60% drop in operating income due to economic conditions and loss of USPS business
- Broader market shrugged off FedEx woes, with S&P 500 slightly higher
- In contrast to September 2022, when FedEx warning sparked market selloff
- FedEx trades at lower forward P/E multiple than rival UPS