NEW YORK (CNNMoney) -- FedEx (FDX, Fortune 500) stock fell to its lowest level since December 2008 on Thursday.
Shares tumbled after the package delivery company warned investors that it expects to earn less than it previously thought for the current fiscal year due to a weak economy and a drop in demand, particularly in Asia.
FedEx stock was down to $66.19 a share, an 8.8% decline.
The Memphis-based company projected earnings to be $6.25 to $6.75 per share for fiscal 2012, compared to the previous full year forecast of $6.35 to $6.85 per share.
"The U.S. and global economy grew at a slower rate than we anticipated during the quarter," said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. 
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