Fedex stocks tank after CEO predicts oncoming global recession

FedEx stocks stanked on Friday after its chief executive said the company’s sliding figures could be flashing a major warning of a coming global recession.

Company CEO Raj Subramaniam made the prediction during an interview with CNBC's Jim Cramer in which the host asked the director if the parcel delivery company’s flagging business numbers could signal a "global recession" in the offing. "I think so," Subramaniam said. 

"The weekly numbers are not looking so good, so we just assume at this point that the economic conditions are not really good," he said, arguing at one point that FedEx is "a reflection of everybody else’s business, especially the high-value economy in the world."

Following that grim prediction, FedEx stocks plummeted, falling nearly 25% at the opening bell after remaining largely flat through much of the month 

After the sharp plummet—among its most marked decreased in years—the company’s stock remained largely flat throughout Friday trading, rising by roughly a percentage point through the end of the day.