FedEx might be delivering Holiday gifts to millions of people this year—but apparently not one to Wall Street. The overnight shipper issued a third-quarter forecast that was below both the previous year's results and analysts' expectations, and the company's shares fell almost 4% to $109.70 in pre-market trading. On this morning’s “Squawk Box,” Rob Morgan, investment strategist with Janney Montgomery Scott, provided instant analysis of the numbers.

Rob Morgan said, "FedExprobably provided the last crucial piece of data on the holiday season. But it’s important to note FedEx met expectations. It’s the guidance going forward that’s disappointing."

"It is probably a bellweather for the overall [U.S.] economy. For me, maybe it means Christmas isn’t going to be that great in general," Morgan said.

Morgan continued, "Nonetheless, we like the company going forward. International growth should be strong. We still believe this is a bull market. Perhaps the last few months have been so great that we’ll be sideways going into ’07 – but the fundamentals are still there. There is still cash at the sidelines, and people don’t want to get left behind."