Shares of FedEx (FDX.US) traded lower on Tuesday, falling as much as 5% at one point, marking the stock's most significant single-day drop since the beginning of May.

At the time of reporting, the decline had moderated, with the stock down 3.76% to $313.14.

In related company news, the freight division of FedEx has projected that its revenue for the seven-month period ending December 31 will increase by 4% to 6%, with adjusted operating profit expected to rise between 0.8% and 7.5%.

This development follows the recent completion of the unit's spin-off from its parent company, FedEx, which was finalized just a few weeks ago.