FedEx said a weaker industrial economy produced ... focused most of its concerns on industrial customers who ship goods to other businesses, not on consumers who make up the overwhelming majority ...

FedEx Corp shares slumped on Friday after the parcel giant cut its annual revenue forecast and reported a sharp fall in profits, owing to weak demand for high-margin speedy delivery services.

FedEx Corporation (NYSE: FDX) is a solid business, but its latest results give another reason to fear that a recession is near. The company underperformed in all metrics, contracting versus an expectation to grow and reducing guidance in what may be the first of several reductions this year.