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To: Earlie who wrote (100171)	5/7/2001 9:40:21 AM
From: Perspective	Read Replies (2) \| Respond to of 436258

It's GOT to be bullish when Fed-Ex is having trouble with volumes. They are a perfect, broad-based economic indicator. What, no second half optimism?!? I wonder if the 57 cent expectations are "significantly below last years' 58 cents" ? <ggggg> Note the April weakness, ie no turning yet. bigcharts.com 8:13AM FedEx warns of Q4 shortfall (FDX) by Tomi Kilgore FedEx (FDX) said that "deteriorating economic conditions" would lead to fiscal fourth quarter earnings of 50 to 60 cents a share, below EPS of 85 cents in the year-earlier period and the average analyst EPS compiled by First Call/Thomson Financial of 69 cents. The provider of packaged delivery services also attributed the expected shortfall to the rapid decline in high-tech and other durable goods industries, which led to a 9 percent year-over-year decline in average daily volumes in April. The company anticipates the economic softness to continue into fiscal 2002. "Although we are taking steps to substantially reduce expense and capital spending, we nonetheless expect our first quarter earnings will be significantly below last year's $0.58 per share," said Alan Grab, Jr., FedEx's chief financial officer. Analysts are currently expecting EPS for the period of 57 cents. The stock closed Friday down 7 cents at $41.28. BC