This morning on The Call @ Hedgeye, Industrials analyst Jay Van Sciver, Macro analyst Josh Steiner and Hedgeye CEO Keith McCullough discussed the implications of FedEx’s (FDX) abysmal earnings report.
“Here’s a great example of a cyclical and the Quads,” explains McCullough. “The stock doesn’t go up. It doesn’t have a magic multiple until the economy starts slowing at a faster rate.”
"Very consistent with what we've been talking about for quite a while vis-a-vis the lens of global Quad 4, not just U.S. Quad 4," adds Steiner.
“This is not a sign that it’s going the right direction. They made that mistake when they held the announcement today and put out those expectations,” notes Van Sciver.
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