FedEx earnings drop 53 percent, will hike shipping rates

When it absolutely, positively has to be there overnight . . . it's going to cost you more to send it -- if you're using FedEx (FDX).

After reporting Thursday morning that quarterly earnings have fallen by a steep 53 percent compared to last year, the shipping giant said it plans to raise rates by 5.9 percent for U.S. domestic and export shipping starting Jan. 4.

Although the company said lower fuel prices might offset some of the increase, the higher prices are sure to frustrate individuals and businesses of all sizes who rely on FedEx to send and receive goods around the world.