The daily business briefing: September 18, 2019

FedEx shares fall as trade tensions hurt profits, UAW and GM make progress in talks to end strike, and more

A Fedex truck
(Image credit: ROBERT SULLIVAN/AFP/Getty Images)

1. FedEx shares fall after trade tensions dent profits

FedEx shares plunged by 8 percent in after-hours trading on Tuesday after the shipping and logistics company reported quarterly profits that fell short of expectations and lowered its projections for the full year partly due to "increasing trade tensions." "Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty," Chief Executive Frederick W. Smith said in a statement. FedEx reported adjusted earnings of $3.05 per share, down from $3.46 per share in the same quarter last year. Analysts had expected adjusted earnings of $3.15 per share.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.