Watch FedEx's stock, says Jim Cramer

Citigroup on Thursday raised its earnings-per-share estimates for FedEx to $2.01 a share from $1.91 a share.

The move came as no surprise to CNBC's Jim Cramer, though.

"FedEx [is] a great barometer of worldwide trade," he said on "Squawk on the Street." "The transports are driving this market."

Though a recent drop in gasoline prices may have helped the transports, Cramer gives more credit to an uptick in goods being shipped by planes, trains and automobiles. All of this, he said, bodes well for FDX.

"Watch that stock," he said. "It's a great barometer of what's really happening underneath this market."

—By CNBC's Drew Sandholm

DISCLOSURE: When this story was published, Cramer's charitable trust did not own FedEx.