FedEx (FDX) is taking an ugly hit today on very heavy selling pressure. The drop of more than 4% placed the transportation powerhouse among the top five NYSE decliners at midday. This is a sharp reversal from yesterday's high-volume 1.25% gain.
During Wednesday's pre-earnings action, FedEx rose to within $0.50 of its February peak before fading a bit on the close. The stock opened today's session with a deep gap-lower open, and after a brief bounce, it has dropped down to last week's lows. The bullish action during yesterday's pre-earnings move caught many longs off guard. The momentum unleashed in today's downside reversal could carry shares lower in the near term....389 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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