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

fedex

Photo: Image: jurvetson

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.

Click here for David Rosenberg’s 13 signs that we’re in a depression >

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