By Denny Jacob
Packaging Corp. of America shares are down 11% at $118.07, a ripple effect from FedEx Corp.’s late Thursday warning of weaker-than-expected quarterly revenue.
The container products producer operates through segments such as packaging, paper and corporate and other.
FedEx reported a drop in shipping volume in recent weeks as macroeconomic trends worsened. The delivery giant also withdrew its full-year financial forecasts issued in June. The Memphis, Tenn.-based company said the macroeconomic picture darkened in both U.S. and international markets. FedEx is freezing hiring, closing locations, parking some cargo aircraft and reducing Sunday operations in some markets in response.
Write to Denny Jacob at denny.jacob@wsj.com