We already had a massive shift to bearishness this week, and then FedEx held a preliminary earnings call after the bell Thursday, slashing its profit forecast.
Even worse, CEO Raj Subramaniam told CNBC he believes a “worldwide recession” is coming, sending an already bearish market into another big down day as FedEx Corp. (NYSE: FDX) cratered over 20%.
FedEx Preliminary Earnings Call
During its preliminary earnings call, FedEx announced $3.44 in preliminary earnings per share versus expectations of $5.14, and revenue of $23.2 billion versus expectations of $23.59 billion.
The company withdrew its guidance for the year, cut first-quarter fiscal year projections, and said it’s shutting down offices all over the place…
Keep in mind that FedEx delivers stuff to people all around the world. So when it says its business is slowing down, that is a canary in the coal mine.
If you read my weekly look ahead on Monday, you probably saved yourself a lot of money because I warned that the rally we saw at the end of last week was likely over.
I also warned that Tuesday’s CPI could crush everything, and that’s exactly what happened as you can see by that big red candle in the chart below…
We broke the previous low from July, and while we’re still above the June lows… I think we’re going even lower into the end of the year.
Check out my video up top and let’s discuss the FedEx preliminary earnings call and a few tips for trading this roaring bear market.
We also have a big announcement coming next week from the Federal Reserve that could lead to a brief relief rally, so let’s discuss!
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