FedEx tumbles 13% on weak 2020 outlook, brokers cut price targets

The profit warning that came in just ahead of the all-important holiday shopping season for retailers, wiped off the stock's gains for the year and prompted several brokerages to cut their price targets. FedEx shares are on course for their biggest one-day percentage drop since 2008. J.P. Morgan was the most aggressive in slashing its price target by $22, saying growth at the company's Express business, the largest unit, was taking a hit from delays in integration of TNT Express, a Dutch delivery company it acquired in 2016 for $4.8 billion.

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