FedEx shares hit 52-week low as Wall Street tumbles
Memphis Business Journal
Shares of FedEx Corp. hit a 52-week low Wednesday as 13 of Memphis’ 14 publicly traded companies saw shares tumble.
Shares of FedEx (NYSE: FDX) suffered a 7.11 percent drop Wednesday to close at $58 a share in heavy trading. Shares had traded as low as $56.36. The previous 52-week low $60.90.
FedEx wasn’t the biggest loser of the day; International Paper Co. (NYSE: IP) shares dropped 12.68 percent to close at $16.12.
Even shares of companies like AutoZone Inc. (NYSE: AZO) and Fred’s Inc., (Nasdaq: FRED), which have performed well in the soft economy, took a slight beating though less than their Memphis counterparts.
Shares of Fred’s dropped 4.27 percent to close at $10.32. AutoZone fell 2.74 percent to close at $105.96.
Biopharmaceutical researcher GTx Inc. (Nasdaq: GTXI) dropped just 1.14 percent to close at $13.92 a share in light volume.
Local stocks followed the downturn of the national stock markets, including the Dow Jones industrial average which lost 514.45 points, or 5.69 percent, to close at 8,519.21. All 30 of the Dow component stocks ended the day lower. Nasdaq ended down 80.93 points to close at 1,615.75 and the S&P 500 was down 58.27 to close at 896.78 as fears of a global recession continued to haunt markets.
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