The global economic slowdown is taking its toll on FedEx (NYSE: FDX), hitting quarterly results and causing the company to withdraw full-year guidance. The poor results caused investors to take the exit ramp, sending FedEx shares down 29.6% for the month, according to data provided by S&P Global Market Intelligence.

FedEx has long been considered a bellwether stock because so many different sectors rely on the global shipping giant to move their products from point A to point B. There was fear heading into earnings season that a war-induced slowdown in Europe, COVID-related shutdowns in China, and the Federal Reserve's effort to slow the U.S. economy would impact FedEx's results. Still, investors were caught off guard by how bad the numbers were.

FedEx shares lost nearly one-quarter of their value on a single day in mid-September after preannouncing results for its fiscal first quarter ending Aug. 31. The company earned $3.44 per share in the period, well below analyst expectations for $5.48 per share, and said it was withdrawing guidance for the full fiscal year due to the uncertain economic environment.

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Source Fool.com