Sterne Agee Lowers FDX 3Q And 2011 Estimates

Sterne Agee is lowering its estimates on FedEx Corporation FDX. “We are lowering our 3Q and 2011 estimates by $0.25 from $1.06 and $5.20 to $0.81 and $4.95 due to weaker revenue (related to the storms) and increased operating costs (related to higher fuel costs),” Sterne Agee writes, adding that there are no changes to its 4Q11 or 2012 estimates. FedEx Corporation closed Monday at $93.99.