Similar to Nike’s (NKE) stock this morning, large-cap play FedEx (FDX) is getting run over premarket by 7%.
And similar to what Nike said on its earnings call about the macroeconomic backdrop being uncertain, FedEx CEO Raj Subramaniam offered this assessment:
“The current environment, however, is adding uncertainty to demand. We continue to work closely with our customers to help them adapt to this evolving market,” Subramaniam said.
The best the bulls can hope for is that early earnings reports like this (and the airlines two weeks ago) sound the alarm bells loud enough on demand, and their stocks get hit, leading to the bad macro news being priced in when earnings season kicks off broadly in late April.
Don’t underestimate a trade war, friends.
