FedEx stock tumbled after the company reported disappointing earnings and turned in weak quarterly results Thursday and suffered a bevy of price target cuts and downgrades from Wall Street as a result.

A record-setting week for Wall Street is closing on a quieter note Friday, and U.S. stocks are pulling back from their highs hit during a worldwide rally the day before. The S&P 500 was down 0.5% in late trading,

FedEx stock is plunging Friday after the logistics giant came up short of earnings expectations and revised its full-year outlook. Here's what you need to know.