Fedex shares plummet 10% on fear of large global slowdown, “Bad political choices”
Fred Smith, FedEx’s legendary CEO said on Tuesday that;
“And I’ll just conclude by saying most of the issues that we’re dealing with today are induced by bad political choices, making a bad decision about a new tax, creating tremendously difficult situation with Brexit, the immigration crisis in Germany, the mercantilism and state-owned enterprises in China, the tariffs that the United States put in unilaterally, ”
FedEx stock is off more than 30% for the year.
There do seem too be significant economic clouds gathering and readers would be wise to watch the horizon closely right now. Every once in a while the world hits economic inflection points and one senses that we are in the midst of one of these right now. Much of what happens immediately of course rests on the Fed rate hike decision which we will get at 2:00 PM EST. At this moment stocks are solidly rallying in anticipation. (In contrast FedEx's stock performance for the day.)