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Why Jim Cramer Doesn't Think That FedEx Is an Economic Bellwether

FedEx cut its fiscal 2019 profit forecast for the second time in three months after posting weaker-than-expected fiscal third-quarter earnings. FedEx said it expects earnings for fiscal 2019, which ends in May, in the region of $15.10 to $15.90 a share, down from its December forecast of $15.50 to $16.60 and 7 cents shy of analysts' forecasts. The Memphis-based company said challenges linked to its $4.8 billion acquisition of TNT Express, a key component of its international business, continues to weigh on profits, as will a broader global slowdown in trade and package demand. Jim Cramer said that "the long knives are out" when it comes to FedEx. And, when asked whether or not he believes that FedEx is a bellwether of the economy, Cramer responded no because "domestic was very strong." Related. FedEx Looks Weak Heading Into Earnings How Much Money Will I Need to Retire? Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.

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