Economics
FedEx Stock Nears Support Level as Estimates, U.S. Economy Slow
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FedEx Corp.’s stock is nearing a technical support level as the boost to earnings from cost-cutting and acquisitions moderates, signaling its underperformance could continue.
Shares of the Memphis, Tennessee-based company have lagged behind the Standard & Poor’s 500 Index by almost 8.4 percentage points since Jan. 20, when the stock traded to a relative peak near the highest since July 2006 -- see chart. The stock-price ratio has fallen since then, as FedEx closed at $171.73 on May 1, while the benchmark index was at 2,108.29.