Joe Biden and Jimmy Carter
FedEx stock tanked after hours on Thursday after the company released a revised outlook for the year.
FedEx stock dropped 17% in the extended session Thursday. The stock sank as much as 20% before trading on Friday.
FedEx says it is only going to get worse and its outlook for 2023 is bleak.
Steve Bannon explained the seriousness of the news during his afternoon War Room show on Thursday.
But it is not just FedEx that sees the warning signs.
Both the Atlanta Fed and the Blue Chip Consensus have taken deep dives in the past several days.
And in an unusual turn, the Blue Chip Consensus has been running below the Atlanta Fed all quarter; in previous quarters, it was usually higher than the Atlanta Fed.
Via the Atlanta Fed:
Issues and Insights described the seriousness of the current economic climate.
New data from the Atlanta Federal Reserve’s GDPNow data set show the economy is clearly tanking. GDPNow tells you what the economy has done so far in the quarter. With just over two weeks to go, the GDPNow growth estimate — based on real numbers, not future estimates — is 0.5% annual growth for the third quarter, down from 1.3% just two weeks ago.
That means incoming data are much weaker than anticipated. We’re just one or two “unexpectedly weak” economic reports away from shrinking for a third-straight quarter.
Don’t worry. If it happens, the Biden administration and its shills in the media will again deny the economy’s in recession. Or blame Donald Trump.
They did it before. In July, the Democrat-media axis simply denied a recession existed, despite the well-established rule that two quarters of GDP decline equals a recession.
And it took its cue from the Biden administration itself…
…From steady, consistent growth of 2.5% a year, stock market gains of nearly 35%, and low inflation averaging around 2% during the Trump years, we have descended to this economic hell, created by an incompetent president and his team that brags about his terrible performance.
Things are about to get real.
Hang on for the ride ahead!
Hat Tip Tom