View photosFedEx Drops as China Opens Probe Amid Escalating U.S. SpatMore
(Bloomberg) — FedEx Corp. fell as investors assessed the impact of a Chinese probe that puts the delivery company in the middle of an escalating trade conflict with the U.S.
China said Saturday that it’s investigating FedEx for “wrongful” deliveries, a move framed by the state news agency as a warning by Beijing after the Trump administration declared a ban on business with telecommunications giant Huawei Technologies Co.
“It is reasonable to anticipate pressure on FDX’s business with a portion of its China outbound customers which adds to the current backdrop of weak international airfreight activity,” UBS Group AG analyst Thomas Wadewitz said in a note to clients. He cut his price target to $136,