News Summary: FedEx profit falls

FEDEX FALLS: FedEx Corp.’s third-quarter profit dropped 31 percent from a year ago, to $361 million, and fell short of analysts’ forecasts.

SLOW ROAD: The company trimmed its forecast for earnings in the fourth quarter and the fiscal year, both of which end in May.

CHANGE IN THE AIR: FedEx is being hit by a shift in international air freight from expensive priority shipping to slower and cheaper services. It’s taking steps to adapt, including diverting some packages into lower-cost delivery networks.