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.