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.

The package-delivery giant said reduced demand for priority services and higher operating costs weighed on its results.

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