On 9/18/2019, fedex corp shares plummeted 13% after it reported disappointing quarterly results and lowed its full-year outlook. fedex reported an 11% decline in earnings for its fiscal first quarter when excluding integration expenses tied to its acquisition of the european carrier tnt express. it also cut its profit and revenue forecasts, projecting per-share earnings to fall by as much as 29% in the current fiscal year, compared with an expectation of a mid-single-digit percentage decline issued in june. with weaker macroeconomic conditions and uncertainty stemming from trade disputes across the globe, fedex foresees fewer shipments moving across borders. the announcement wiped out nearly $6 billion in market capitalization. (you can also watch the cnbc video below to find the comments that jim cramer made regarding fedex’s performance . based on your research on fedex, discuss why the market reacted so dramatically to fedex's announcement. based on your views, rank the following in order of likely price impact: historical results, revised forecasts, required investment, and sheer degree of surprise. also, do you believe that the market reacted "fairly" to fedex's announcement? is there a case that fedex is now over- or under-valued?