you tell it like it is >> thank you >> that's raj subramaniam. he's the ceo of fedex. not have to come on tv tonight. it wasn't his quarter. but he did it. and that means more toytng he sd "mad money's" coming back after the break. >> announcer: coming up, saving lives and looking good doing it. the company that's changing the way health care heroes suit up next - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing. when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technology to give you personalized support, for all-day pain relief. find your relief in store or online. she

your point, becky, why the macro concerns are so big right now, we heard it last night when ceo raj subramaniamconcerns about places like asia, and you speak of bellwethers, raj spoke about this idea that asia is the manufacturing hub of the world. if you see weakness in asia, that permeates through the rest of the world economy and maybe that's the reason why there is so much being made at fedex. 20% lower for a stock is not just a fall, this is a re-rating of investor expectations -- >> overnight. >> overnight this is a very big paradigm shift for how investors view that stock. >> i wish we hadn't shown that low. what's that 2020 low is that 110. >> we're still double. >> that's what i mean. take that down >> we'll check in later with you. >>> a slew of economic data this week prompts a downgrade in forecasts in growth for the quarter. senior economics reporter steve liesman joins us right now with a rapid update you're looking at a lot of things that are much more relevant just in terms of real-time data >> yeah. that's in there too. even though retail sales beat expectations yesterday, you

raj subramaniam said, yes, when asked if we're nearing a global recession. >> asia is the center of manufacturing in the world when you see these things happen, i feel it's a leading indicator of something more profound the u.s. has been insulated because the u.s. dollar is the currency of choice for the world. there's some insulation there. i do see the u.s. slowing down, too. >> the huge eps miss is raising a lot of questions about execution issues as opposed to macro issues express, where fedex gets about half of its revenue, that was flat ground and freight were up the profit outlook for q2 about half of current stimates back in june, fedex raised its dividend by 53%. i spoke with raj in previous weeks. they said they are cutting hours and they won't be having a hiring push this year, just a much smaller hiring effort >> what do you think, frank? what are the analysts on this stock telling you? is it more of a fedex problem? u.p.s. is down 5% in sympathy. was it just too much capacity during covid for fedex and they're giving some back or is this really a wake-up call that we're heading into