FedEx Shares Drop on Loss News


From FedEx Corp. said Wednesday that it swung to a fourth-fiscal-quarter loss from a year-earlier profit, reflecting a $696 million after-tax asset-impairment charge tied to the acquisition of Kinko's, as well as a surge in fuel prices and a weak U.S. economy.

The Memphis-based shipping business, sometimes viewed as a bellwether for the broader economy, also provided a first-quarter and fiscal 2009 outlook that were below Wall Street's earlier expectations. That helped to send shares down nearly 3 percent.

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