Shares of FedEx Corp. plummeted 13.2% on heavy volume in morning trading Wednesday, putting them on track to suffer the biggest one-day decline in nearly 11 years, after the package delivery giant reported disappointing quarterly results and cut its full-year outlook. Trading volume topped 7.5 million shares, compared with the full-day average of about 1.8 million shares. The stock is in danger of suffering its fourth-worst day in its history, with the three worse days all occurring on or near broader bear markets. The largest decline was 16.4% on Oct. 19, 1987, or Black Monday, followed by a 14.5% tumble on Dec. 9, 2008, in the midst of the Great Recession. The third biggest decline was 14.3% on June 25, 2002, in the wake of the dot-com crash. Meanwhile, the stock had dropped 12.2% on Dec. 19, 2018, after the company cut its profit outlook and said it was looking to eliminate thousands of jobs to lower costs. FedEx's stock has now lost 6.7% year to date, while the Dow Jones Transportation Average has gained 14.8% and the Dow Jones Industrial Average has advanced 16.0%.
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