FedEx cuts profit forecast

Package delivery company FedEx Corp cut its earnings forecast for the current quarter on Friday, citing higher fuel prices and weaker demand for less-than-truckload shipments.

FedEx shares fell as much as 5 percent, touching their lowest level since early 2006.

Both FedEx and rival United Parcel Service Inc said recently they would hike delivery charges by 4.9 percent next year, but both also said they would cut fuel surcharges.

Investors watch the two companies as indicators of U.S. economic activity, the logic being that in a growing economy, more packages will be shipped.

Read Full Article from Reuters

- Posted: 2007-11-16 10:15:33

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