FedEx puts out negative forecast
FedEx forecast third-quarter profit below analysts' expectations yesterday, casting doubt on the sustainability of its holiday volume surge, and sending the package delivery giant's shares down 4.5 per cent. The company, an economic bellwether, said it shipped 14.1m packages on Monday, its busiest day of the year, which was a million more than it had forecast. But its third-quarter results will be hurt by post-holiday seasonal slowness in January and February, chief financial officer Alan Graf Jr said.
Tiger costs golf industry $220m
Golfing tournament the PGA Tour, TV networks like CBS and retailers like Nike could be hit with $220m (£136m) in lost revenue following Tiger Woods’ multiple indiscretions, event organizers said yesterday. Crowds at golf events are expected to be 20 per cent smaller without the draw of Woods, who announced his indefinite leave from the sport earlier this month, while TV advertising around the sport could drop by 40 per cent, analysts said.
Embraer downbeat on jet orders
Brazilian planemaker Embraer, the world's third largest producer of commercial jets, expects aircraft orders to decline in 2009 as credit dries up because of the global financial crisis, chief executive Frederico Curado said yesterday. The company's order backlog was also likely to show a slight fall in the fourth quarter, he said. In November, the company cut its jet delivery forecast