FedEx Lowers 2009 Expectations

fedexFedEx has lowered its expectations for 2009 as company CEO Fred Smith said FedEx is experiencing some of the worst economic conditions in the company’s history. Right now, FedEx has a hiring freeze in place, and has stopped 401(k) contributions for one year. Upper management will also get a 10% pay decrease starting in January and CEO Fred Smith will see a 20% decrease in his salary. I also firstly reported on Dec 9 that FedEx already decreased expectations for 09 and increased its rates to offset costs. The FedEx stock is up over 1% as FedEx met Q4 08 expectations with a higher net profit as costs were offset by lower fuel costs. Interestingly, crude is now trading at $38.5 a barrel as shown on the sidebar.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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