FedEx shares are trading lower in sympathy with UPS, which reported Q3 financial results and lowered its full-year 2023 consolidated revenue guidance.
Portfolio Pulse from Benzinga Newsdesk
FedEx shares are trading lower in sympathy with UPS, which reported Q3 financial results and lowered its full-year 2023 consolidated revenue guidance.
October 26, 2023 | 4:11 pm
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FedEx shares are trading lower following UPS's Q3 results and reduced full-year 2023 revenue guidance.
FedEx shares are trading lower due to the poor performance of UPS, a company in the same industry. This is because investors often use the performance of one company to predict the performance of other companies in the same industry. In this case, UPS's lower Q3 results and reduced revenue guidance for 2023 are causing investors to sell FedEx shares, expecting similar performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100