FedEX Coming Back Down To Earth After Q4 Miss

em>Joel Elconin is the co-host of

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FedEx Corp

shares are lower by $5.60 by $176.63 in Wednesday's session. The issue is deeply in the red because of Q4 miss for EPS ($2.66 vs. Est. $2.68) and for sales ($12.11B vs. Est. $12.31B). Also, the issue came under unexpected selling pressure in Tuesday's session, when Amazon

announced its intentions to create Amazon Shipping Service for delivery purposes. FedEX is five days removed from making its all time high ($185.19) and all time closing high ($184.98) which culminated an eight day round-up ahead of earnings. After a lower open ($178.03 vs, Tuesday's close of $182.13), it managed a brief pop to $178.88 before resuming its decline. So far, it has reached $176.12 and is attempting to reclaim the $177 handle. The current low coincides with its June 3 low ($175.72), that was put in place ahead of the pre-earnings rally.