FedEx Falls After Earnings Miss

FedEx Corp earnings came up short of analysts' expectations Tuesday, and shares declined 3% in late trading. The shipping giant reported net income of $700 million, or $2.59 a share, on sales of $14.9 billion for its fiscal second quarter Tuesday afternoon. After adjustments for costs related to acquisitions, integration and restructuring, FedEx claimed profit of $2.80 a share. Analysts polled by FactSet expected FedEx to report adjusted earnings of $2.91 a share on sales of $14.9 billion. FedEx shares fell below $194 after closing with a 0.6% gain at $198.74.