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FedEx Remains Sharply Lower After Initial Sell-Off

After gapping open sharply lower, shares of FedEx (FDX) continue to see significant weakness in afternoon trading on Wednesday. FedEx is currently down by 8.5 percent after hitting its lowest intraday level in over two years.

The steep drop by FedEx comes after the delivery giant reported fiscal second quarter results that beat expectations but lowered its full-year earnings forecast.

FedEx forecast full-year adjusted earnings of $15.50 to $16.60 per share, down from its prior forecast of $17.20 to $17.80 per share. Analysts had been expecting earnings of $17.33 per share.

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