A profit warning from parcel delivery firm FedEx - regarded as a bellwether stock for the US economy - has made investors nervous ahead of the market open.

FedEx said its fiscal first quarter (Q1) earnings are expected to come in at $1.37 to $1.43 per diluted share, down from the prior guidance of $1.45 to $1.60. The estimate is also below last year's Q1 earnings per share of $1.46.

"Earnings during the quarter were lower than originally forecast, as weakness in the global economy constrained revenue growth at FedEx Express more than expected in the earlier guidance," the global messenger company commented.

In the tech sector, social networking outfit Facebook may get some support as news broke last night that the company's founder and head honcho, Mark Zuckerberg, intends to hold on to his shares for at least a year. The stock is trading at around half the level it was floated at back on May 18th.


JH

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