Commentary
FedEx, the global delivery and logistics company, withdrew its forward guidance after the market closed on Sept 15.  The share price collapsed by more than 16 percent in after-hours trading.  On Sept. 16, FedEx (FDX) shares opened sharply lower and closed down 21.4 percent by the time the market closed.
To give you a notion of how precipitous the decline in FDX business is, think of this: In June, FDX stated that revenues would be $24.4 billion. The new estimate, out on Sept. 15, was $22.0 billion, so the company wrote down $2.4 billion, and most of that apparently was coming as “trends significantly worsened later in the quarter, both internationally and in the United States.” Non-generally accepted accounting principles earning per share (GAAP EPS) were down. from $6.87 to $4.37, a decline of $2.50 per share….