FedEx Stock Price (NYSE:FDX)
According to Reuters, the ground volume projections for FedEx (NYSE:FDX) are about to undergo a downward revision. Due to this, FedEx stock declined in the market.
According to an internal document that the outlet has seen, the reason for the expected reduction in estimates is that the number of clients who send parcels with the firm has decreased.
FedEx (NYSE:FDX) Ground senior vice president Paul Melander stated in the statement that they anticipate there would be negative revisions to volume projections. “We expect there to be downward adjustments to volume forecasts,” “These revisions will reflect the most recent information received from clients about the ways in which they predict that the present circumstances are likely to lower their volumes throughout the Christmas season.”
On October 21, it is anticipated that an official announcement will be released on the new FedEx stock forecasts.
FedEx stock price dropped by almost 4% to a session low of $148.96 before recouping close to 3% of their losses in the middle of the trading day. The stock of United Parcel Service plummeted as a sign of sympathy on Friday, falling by 3.31%.
Featured Image- Megapixl @ Richair
Author Shariq Khan 
