FedEx does not deliver

Blaming a faltering economy, FedEx Corp. (FDX) today reported worse than expected third quarter results. The shipping company said it sees little reason to expect immediate improvement, and announced additional cost-cutting moves, including layoffs.

Earnings tumbled 75 percent too $97 million, or 31 cents a share, compared with net income of $393 million, or $1.26 a share, a year earlier. Revenue rose four percent to $1.79 billion. Analysts had expected the Memphis-based company to earn 46 cents.