Shares of FedEx Corp. FDX tumbled 15.23% to $254.64 Friday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.09% to 42,063.36 and the S&P 500 Index SPX falling 0.19% to 5,702.55.

By Shivansh Tiwary, Lisa Baertlein (Reuters) -Shares of FedEx slumped over 15% on Friday, the worst in two years, after a dismal first-quarter profit drop due to anemic economic conditions and an ongoing customer shift toward slower,

Shares in FedEx (FDX) fell after the package-shipping company cut its full-year financial outlook. Late Thursday, FedEx also posted lower quarterly profit and revenue. Weaker-than-expected demand, particularly in the U.

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FedEx stock tumbled after the company reported disappointing earnings and turned in weak quarterly results Thursday and suffered a bevy of price target cuts and downgrades from Wall Street as a result.

FedEx missed quarterly estimates and lowered its full-year guidance. Demand was weaker than expected for business-to-business shipping, which is its most profitable segment. The company is in the early stages of a cost-cutting campaign.

U.S. stocks are hovering around the records they set the day before during a worldwide rally. The S&P 500 slipped 0.2% in afternoon trading Friday but is still on track