FedEx
NotPetya significantly disrupted FedEx subsidiary TNT Express worldwide, affecting communications, operations, revenue and restoration work.
-3.6% FDX vs +1.6% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionJun 26, 2017
Normalized to 100 for both FDX and SPY.
- 02Public disclosureJun 27, 2017 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeJun 27, 2017
-0.5% company total return versus -0.8% for SPY; +0.3 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | FDX | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Jun 27, 2017 | -0.5% | -0.8% | +0.3 pp | Above SPY |
| +7 days | Jul 3, 2017 | +0.9% | -0.4% | +1.4 pp | Above SPY |
| +1 month | Jul 27, 2017 | -3.6% | +1.6% | -5.2 pp | Below SPY |
| +3 months | Sep 27, 2017 | +2.4% | +3.3% | -0.9 pp | Below SPY |
| +6 months | Dec 27, 2017 | +16.6% | +11.0% | +5.6 pp | Above SPY |
| +12 months | Jun 27, 2018 | +7.7% | +12.8% | -5.1 pp | Below SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | +0.3 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | +1.4 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -5.2 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -0.9 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | +5.6 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | -5.1 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
FDX compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
FedEx had +7.7% company total return versus +12.8% for SPY; -5.1 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | FDX | SPY |
|---|---|---|
| Jun 26, 2017 | 100.0 | 100.0 |
| Jul 26, 2017 | 99.2 | 101.7 |
| Aug 24, 2017 | 96.0 | 100.3 |
| Sep 25, 2017 | 102.0 | 102.8 |
| Oct 24, 2017 | 105.1 | 106.0 |
| Nov 22, 2017 | 101.4 | 107.3 |
| Dec 22, 2017 | 116.6 | 111.1 |
| Jan 25, 2018 | 125.0 | 117.6 |
| Feb 26, 2018 | 118.7 | 115.4 |
| Mar 27, 2018 | 109.7 | 108.6 |
| Apr 26, 2018 | 115.4 | 111.0 |
| May 25, 2018 | 117.5 | 113.4 |
| Jun 26, 2018 | 111.0 | 113.7 |
| Jul 26, 2018 | 113.0 | 118.6 |
| Aug 24, 2018 | 114.8 | 120.4 |
| Sep 25, 2018 | 112.4 | 122.3 |
| Oct 24, 2018 | 98.3 | 111.6 |
| Nov 23, 2018 | 105.0 | 110.7 |
| Dec 26, 2018 | 75.5 | 104.2 |
| Jan 28, 2019 | 82.0 | 111.6 |
| Feb 27, 2019 | 85.7 | 118.1 |
| Mar 28, 2019 | 84.2 | 119.3 |
| Apr 29, 2019 | 88.3 | 124.9 |
| May 29, 2019 | 75.5 | 118.2 |
| Jun 27, 2019 | 77.6 | 124.5 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -0.5% on Jun 27, 2017
- Recovery close
- Jun 28, 2017
- Calendar days
- 1
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in FDX with $1,000 in SPY, bought and measured on the same dates.
Entry Jun 30, 2017 Exit Dec 29, 2017
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
FedEx said the NotPetya malware significantly affected TNT Express’s worldwide operations and communications. Contingency plans restored core shipping services, but the company reported lost business and substantial recovery work.
The listed parent is the unit of analysis because FedEx owned the affected operator. The record shares a campaign cluster with Merck and Mondelez but retains its own disclosure, price series and outcomes.
Shared campaign
Other Notpetya 2017 cases
The cases share a campaign, but each company keeps its own returns.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Sep 19, 2017FedEx first-quarter fiscal 2018 Form 10-Q — NotPetya cyberattack FedEx / U.S. SEC Supports: Disclosure, Listing, Impact, Description
- Listing evidenceChecked Jul 20, 2026FedEx first-quarter fiscal 2018 Form 10-Q U.S. Securities and Exchange Commission FedEx's event-period filing confirms its issuer identity, NYSE registration and the TNT subsidiary impact.
Why it is included. FedEx directly controlled TNT Express when the campaign significantly disrupted its worldwide delivery operations and later reported measurable lost business and restoration effects. Reviewed Jul 20, 2026.