FedEx Leads The Transports Lower
One of the leading transportation stock in the world is FedEx Corp (NYSE:FDX). Last week, this stock reported earnings that were below analysts expectations. The company also cited weaker demand internationally. Today, FDX stock is declining lower by $1.57 to $96.88 a share. Short term traders should watch for intra-day support around the $95.30, and $93.69 levels. FDX stock is also trading below the important daily chart 50 moving average which puts the stock in a weak technical position.
Some other leading transportation stocks that are declining lower today include Union Pacific Corporation (NYSE:UNP), Delta Air Lines Inc (NYSE:DAL), and United Parcel Service Inc (NYSE:UPS). Please understand, FDX stock is the most important transportation stock in the industry group.