The daily business briefing: September 16, 2022

FedEx shares dive after warning of sales shortfall, Biden issues an executive order blocking some China investment in U.S. technology, and more

FedEx trucks
(Image credit: Justin Sullivan/Getty Images)

1. FedEx shares plunge after warning of delivery slump

FedEx shares fell 19 percent in premarket trading on Friday after the company said its quarterly revenue fell below expectations as its package deliveries declined around the world. CEO Raj Subramaniam announced several moves to cut costs, including freezing hiring and closing 90 FedEx Office locations. Subramaniam, who took over at FedEx in June, said the company will also park some cargo aircraft and reduce Sunday ground operations. FedEx, which reports quarterly results in a week, is considered a bellwether of the global economy, so its withdrawal of its previous forecast jolted markets. FedEx's premarket losses were bigger than its steepest full-day loss ever, a 16.4 percent decline on Black Monday in 1987.

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