8-K

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                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549


                                  FORM 8-K

                               CURRENT REPORT


                               DATE OF REPORT
                     (DATE OF EARLIEST EVENT REPORTED)
                             SEPTEMBER 27, 1999


                      COMMISSION FILE NUMBER 333-39483

                               FDX CORPORATION
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


                DELAWARE                                     62-1721435
     (STATE OR OTHER JURISDICTION OF                      (I.R.S. EMPLOYER
      INCORPORATION OR ORGANIZATION)                     IDENTIFICATION NO.)

942 SOUTH SHADY GROVE ROAD, MEMPHIS, TENNESSEE                  38120
   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                   (ZIP CODE)

     REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:  (901) 818-7200


                              FDX CORPORATION
                            6075 POPLAR AVENUE
                        MEMPHIS, TENNESSEE  38119
                              (901) 369-3600
       (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)




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ITEM 5.  OTHER EVENTS

     On September 27, 1999, FDX Corporation (the "Corporation") issued a
press release announcing that its Board of Directors had authorized the
repurchase of up to 15 million shares of the Corporation's common stock.  The
Corporation stated that the purchases may be made in the open market and in
negotiated or block transactions (see Exhibit 99).

     Certain of the information contained in the press release should be
considered "forward-looking statements and information" relating to future
financial performance or business expectations.  The forward-looking
statements are subject to a number of risks and uncertainties, including
those identified below, which could cause actual results to differ materially
from historical results or those set forth in the forward-looking statements.
Specific factors, among others, that could cause actual results to differ
materially from those set forth in the forward-looking information include:
the ability to control package yield, volume growth and costs; U.S. and
international economic conditions; technology developments that impact demand
for the company's services; matching aircraft, vehicle and sort capacity
additions or deletions to customer volume levels; fuel costs; regulatory
changes; and other factors that are identified in the Corporation's and its
subsidiaries' press releases and filings with the Securities and Exchange
Commission, including annual reports, Form 10-Ks, Form 10-Qs and Form 8-Ks.

     Other factors and assumptions not identified above are also included in
the preparation of forward-looking information, and the failure of such other
factors and assumptions to be realized may also cause actual results to
differ materially from those discussed.  The preparation of forward-looking
information requires the use of estimates of future revenues, expenses,
activity levels and economic and market conditions, many of which are outside
of the Corporation's control.  The Corporation assumes no obligation to
update such estimates to reflect actual results, changes in assumptions or
changes in other factors affecting such estimates.

ITEM 7.  FINANCIAL  STATEMENTS AND EXHIBITS

     (c)  Exhibit

          Designation                          Description
          -----------                          -----------

             99                     Press Release of FDX Corporation
                                    dated September 27, 1999


                                    (this space left intentionally blank)





                                 SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       FDX CORPORATION



Date: September 27, 1999               By: /s/  CHARLES M. BUCHAS, JR.
                                           ---------------------------
                                           Charles M. Buchas, Jr.

                                       Title: Corporate Vice President
                                              ------------------------

EX-99

                                                                    EXHIBIT 99








                     FDX CORP. ANNOUNCES STOCK REPURCHASE PROGRAM


MEMPHIS, Tenn., Sept. 27, 1999 ... FDX Corp. (NYSE : FDX) today announced that
its Board of Directors has authorized the repurchase of up to 15 million
shares of the company's common stock.

"The authorization of this repurchase program reflects our confidence in the
long-term growth and profitability potential of FDX Corporation," said
Chairman, President and Chief Executive Officer Frederick W. Smith.  "Our
mission at FDX is to produce superior financial returns for our shareowners,
and we believe FDX shares represent an outstanding investment opportunity at
current prices."

The company said purchases may be made in the open market and in negotiated
or block transactions.  FDX currently has 298 million shares outstanding.

FDX Corp., a $17 billion holding company, provides comprehensive
transportation, logistics, e-commerce and supply chain management solutions.
FDX Corp. operating subsidiaries are Federal Express Corp., the world's
largest express transportation company; RPS Inc., North America's second
largest business-to-business ground small-package carrier; Roberts Express
Inc., a critical-shipment carrier; Viking Freight Inc., a less-than-truckload
carrier operating principally in the western U.S.; and FDX Logistics Inc., a
contract logistics provider.