FedEx loses $7.68 billion amid plunging holiday shopping demand

Investors are rapidly offloading shares of FedEx, causing a $7.68 billion loss in company value after the company trimmed its full-year sales forecast, stirring concerns about subdued shipping demand throughout the peak holiday season. FedEx's shares plunged nearly 11 percent on Wednesday morning after the logistics giant announced earnings, revising its revenue outlook, and projecting a low-single-digit decline for the fiscal year, which marked a change from its previous forecast of flat year-over-year sales. FedEx investors, expecting a less than 1 percent drop in revenue for the current fiscal year,...