So has the economy bottomed out? I think I’ve heard that before, about once a week.
FedEx Corp.’s (FDX) fiscal fourth-quarter loss widened, as a big impairment charge stemming largely from its Kinko’s business took a chunk out of results and as the poor economy continued to sap shipping demand.
FedEx, considered an economic bellwether, also forecast results for its fiscal first quarter well below Wall Street expectations, even as Chief Executive Frederick W. Smith voiced some optimism that overall economic conditions are bottoming.
The stock slumped 2.6%, or $1.31, to $50.11 a share in recent trading.
“We believe the worst of the recession is likely behind us,” Smith told analysts on a post-earnings conference call.
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