FedEx plummets 23.25%

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Source: Dukascopy Bank SA


The stock price of FedEx plummeted 23.25% during Friday's trading. This is the company's biggest price drop ever.

However, by Monday's 17:45 GMT, the shares had staged a recovery of 4.82%.

The decline occurred, as the CEO of the Company Raj Subramaniam stated to CNBC that the company expects a global recession, as demand for shipping has been tumbling in the recent quarter. The drop in demand is expected to decrease the company's profits by $500 million.
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