Shipping giant FedEx reports earnings on Wednesday before the bell. Although the company is facing headwinds, is it all priced in?

On Fast Money’s Halftime Report trader Jeff Tomasulo of SMB Capital revealed he was cautious. And he has good reason.

The website Seeking Alpha reminds that FDX has missed twice during the past 4 quarters.

Fast Money trader Joe Terranova says as you're sifting through the data the important thing to look at is air cargo. If it continues to contract, that’s telling.

You may also be interested to know during the past few weeks, 2 analysts have cut their profit forecasts. The negative revisions have resulted in an estimate of  47 cents per share, which is 5 cents below the consensus.

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Trader disclosure: On June 16th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (TER); (SDS); (ABT);Terranova Owns (RIMM) & Short (RIMM) Calls; Terranova Is Short (RIG); Terranova Owns (BRCM) & Short (BRCM) Calls; Terranova Owns (MS) & Short (MS) Calls; Terranova Is Short (FCX); Terranova Owns (GENZ) & Short (GENZ) Calls; Terranova Owns (HES) & Short (HES) Calls; Terranova Is Short (XOM) Call Spread; Terranova Owns (DIS) Call Spread; Terranova Owns (X) & Short (X) Calls; Terranova Owns (JPM) & Short (JPM) Calls; Terranova Owns (BTU) & Short (BTU) Calls; Terranova Is Short August Gold Futures; Terranova Owns (POT) & Short (POT) Calls; Terranova Is Short Septmeber Oil Futures; Terranova Owns December Oil Futures; Terranova Owns August Nat Gas Futures; Terranova Owns (IBM) & Short (IBM) Calls; Terranova Is Short (OIH) & (OIH) Calls; Najarian Owns (BX) Call Spread; Najarian Owns (F) & Short (F) Calls; Najarian Owns (FCX) Calls & Put Spread; Najarian Owns (GE) Calls; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS) Put Spread; Najarian Owns (PALM) Calls; Najarian Owns (WNR); Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (RIMM) Call Spread; Najaria Owns (LEA) Calls; Kelly Owns (UUP), (TLT), (AN), (UGA), (AMZN), (BBY), (DSX), (LOW), (PAL); Kelly Is Short (FXS); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI), (FCX), (FITB), (TTM); Seymour's Firm Owns (NOK)