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Good morning, Fools! Let's dig in to this morning's top news stories.
FedEx sours on world economy, lowers guidance
FedEx (NYSE: FDX ) has cut its profit expectations for the rest of the year, citing the growing international economic slump as the key reason for the decline, Bloomberg reported this morning. Earnings are now forecast at $6.20 to $6.60 a share, down from $6.90 to $7.40 a share, Bloomberg says.
Global markets sink after Spain's aid delay
World markets felt the effects of investors' concern this morning over a delay in Spain's anticipated bailout funding, The Associated Press reported in an article today. The country's markets have been boosted in recent weeks by hopes that a financial aid package was forthcoming, but Spain hasn't formally requested assistance yet, the AP says.
Shell's safety equipment failure delays Arctic drilling
Royal Dutch Shell (NYSE: RDS-A ) announced yesterday that part of its safety equipment for drilling off the coast of Alaska was damaged in testing on Saturday night, pushing back its timeline for open-water drilling in the Arctic to next year, according to an article by The Associated Press. The equipment failure was but one of several delays, including ice and waiting for whaling season to end, making a 2012 hydrocarbon drilling attempt untenable.