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The interim results of FedEx (FDX), which reported after the bell on Tuesday, confirmed what we knew already: it’s bad out there.

Just how bad, though?

Daily chats 

Squeezed between more expensive growth and a slew of other competitive hurdles, FedEx’s easier choice is to cut costs (which it is doing) while placing less emphasis, in my view, on unadjusted non-GAAP numbers, while perhaps also ditching guidance, which was heavily cut this week.

Talking of FedEx expectations and non-GAAP figures, I had a conversation earlier this week ...

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