I sold my FedEx (FDX) stake this week.
I hated doing so, because I sold the shares at a loss. I hate locking in losses, because unrealized losses always have the potential to turn into gains. Furthermore, when you own high quality companies, this tends to be the likely long-term outcome. However, FedEx has really disappointed me in recent quarters operationally and this fundamental performance has trickled down into the dividend metrics in a negative way.
The company’s fundamentals are deteriorating before my eyes. And, earlier in the year, FedEx froze its dividend.