FedEx misses earnings target, but sees higher margins ahead
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New York
FEDEX Corp on Tuesday reported worse-than-expected quarterly operating earnings, but an optimistic outlook for margins in the near-term soothed investor concerns and pushed the stock higher in after-hours trading.
Shares of FedEx, often considered a bellwether for the US economy like rival UPS because they offer a window into how the economy is faring, dropped around 4 per cent after the company released earnings, but bounced back to trade up 2.4 per cent to US$196.39.
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