FedEx Warns of Lower Earnings

Warning is "a shot across the bow of the global economy's ship of state"

On the heels of all those lousy ISM reports, comes another poor harbinger: FedEx's earnings warning.

FedEx said it expects per-share earnings of $1.37 to $1.43 in its fiscal first quarter, which ended Aug. 31, compared with its June forecast of $1.45 to $1.60.

Shares are down only about 3% premarket, at $85.00. But the warning is more of a shot across the bow of the global economy's ship of state — and the central bankers and bullish traders manning the rigging — than necessarily of FedEx. The company, after all, is still going to be profitable.