By Denny Jacob
Packaging Corp. of America, International Paper Co., WestRock Co. and Graphic Packaging Holding Co. shares all traded lower on Friday, dragged down by FedEx Corp.'s late Thursday warning of weaker-than-expected quarterly revenue.
The packaging products producers slid as FedEx reported a drop in shipping volume in recent weeks as macroeconomic trends worsened.
Packaging Corp. tumbled 12% to $117.23 while International Paper and WestRock each traded down 11% to $35.19 and $34.23, respectively. Graphic Packaging edged down 5.5% to $21.47.
FedEx also withdrew its full-year financial forecasts issued in June. The Memphis, Tenn.-based company said the macroeconomic picture darkened in both U.S. and international markets. The delivery giant is freezing hiring, closing more than 90 locations, parking some cargo aircraft and reducing Sunday operations in some markets in response.
In an interview on CNBC Thursday night, Fedex Chief Executive Raj Subramaniam said he sees the global economy entering a recession.
Write to Denny Jacob at denny.jacob@wsj.com
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September 16, 2022 at 11:14PM
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Packaging Corp. of America, International Paper Among Stocks Dragged Down by FedEx Warning - MarketWatch
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