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

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FedEx (FDX) - Get FedEx Corporation Report 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

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