Economic Bellwether FedEx Misses Earnings, Guides Lower, Laying Off 1700 Workers

Thursday, September 16, 2010
By Paul Martin

Joe Weisenthal
BusinessInsider.com
Sep. 16, 2010

Shares of FedEx are diving this morning after the company’s just-released earnings report.

EPS of $1.20 came in a penny light of expectations.

The outlook of $4.40 to $4.95 is below range.

And ominously for the economy, the company will lay off 1700 workers, and close 100 facilities as part of a plan to merge business units.

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