Let's put Amazon aside for a moment and talk about a major issue that is shadowing over Fedex that nobody is talking about but has investors spooked.

Investors have lost their trust in Fedex recently. The major investment in TNT at the moment is proving to be a huge misstep and liability. Fedex has historically failed to find traction in Europe. UPS continues to experience double digit profits in this sector.

"As investors digest yesterday’s results, there is concern among some analysts the company is not being fully transparent in communicating the status of the TNT integration."

(https://www.freightwaves.com/news/ai...s-around-fedex)

The company's leadership lacks the transparency and investors see right through it. Fred Smith and his inability to admit to the Amazon threat is inconsistent with Wall street's opinion. It's untruthful and certainly misleading investors.

UPS on the other hand has openly acknowledged the threat and is not afraid to talk about it and continues to benefit from it's transparency and efforts assuring their investors they have a plan.

Fedex continues to point to economic growth being the issue.

“The peak for global economic growth now appears to be behind us,” said Raj Subramaniam, who takes over Jan. 1 as head of FedEx Express, succeeding David L. Cunningham, who is retiring.

The sobering view of global economic activity may not be shared by FedEx’s two primary rivals, however. A DHL spokeswoman said today it hasn’t seen any material change in network-wide volumes from the early November period when its parent, Deutsche Post DHL, reported its third-quarter results. In October, UPS Chairman and CEO David Abney spoke bullishly about the international landscape when UPS posted its third quarter results. “UPS benefits from positive global economic conditions…and we are operating in a favorable growth environment,” Abney said on the analyst call at the time. A UPS spokesman said the company will not speak publicly about current conditions until it releases its fourth-quarter results early next year."

UPS's recent 4Q18 analysis concerning international efforts:
“Our International segment produced record results highlighted by double-digit profitability in Europe,” said Abney. “Our broad portfolio, diverse revenue base and flexible network help buffer the impacts of global economic softening. These strengths also position UPS to help customers navigate the current complexities of global trade.”

(UPS Achieves EPS Target on Strong Revenue Yields | UPS)