FedEx net income plunged 75% in the third quarter, the company announced today, a bad sign for economists who consider the shipping giant a bellwether. FedEx also announced plans to cut $1 billion in costs, though it didn’t detail how many job cuts that might entail. The company has already lowered salaries, with CEO Fred Smith taking a 20% pay cut. Shares fell 5.9% in premarket trading, the Wall Street Journal reports. (More FedEx stories.)