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FedEx Nailed By UBS Price Target Cut Following China Probe
Shares of FedEx were bludgeoned in premarket trading Monday, in the first reaction to news that China intends to launch an investigation into the company as part of Beijing's counteroffensive aimed at punishing foreign firms complicit in the Trump administration's Huawei ban.
“FedEx will fully cooperate with any regulatory investigation into how we serve our customers", the company said meekly, in a response to the Chinese probe.
Spoiler alert: There's nothing FedEx can do to placate Beijing
