FedEx Cuts Earnings Outlook

Though it may have a lot of iPhones to ship this year, the world's second-biggest delivery company doesn't seem enthusiastic about its 2012 outlook. FedEx cut its forecast for company earnings on Tuesday, saying that the economic recovery has slowed and that they expect to ship far fewer products. The company has also been hurt by waning consumer fortunes, as people tend to look for cheaper delivery services when times are tough. Its earnings forecast for the fiscal year ending in May fell from $6.90-$7.40 a share to $6.20-$6.60 a share, and its expectations for 2012 U.S. economic growth declined from 2.2 percent to 1.9 percent. Stocks mostly held steady on the news, though FedEx's dropped 3.1 percent.