FedEx shares drop on profit forecast cut

On Wednesday, December 18, shares of FedEx Corporation depreciated 9.51%.  

The drop was driven by an announcement that the company cut its 2020 profit forecast, as it plans to continue to increase their spending on upgrading their sorting centers. FedEx has been spending billions dollars to expand their network and improve their delivery services. 

The other reason for lowering the forecast profit is slowing global trade due to the US-China trade tensions.