Was that the correction?
That was the question many traders were asking as NYMEX crude prices pulled back from the $100 per barrel level and the S&P resumed its five-month rally Friday morning.
The "Fast Money" traders were skeptical that the three-day sell-off was the correction many traders have called for. But they were eager to search for value stocks that had perhaps suffered too much from this week’s beating.
At the top of Tim Seymour’s list? FedEx .
The delivery stock was down more than 5 percent in the past five days due largely to fears that high oil prices would severely damage margins. FedEx warned about the impact fuel prices would have on its earnings earlier this month, before NYMEX crude hit a high of $103 per barrel on Thursday.
“FedEx has been torpedoed,” said EmergingMoney.com’s Seymour.
FedEx fears seemed somewhat overblown Friday morning as oil retreated from highs. News that Saudi Arabia has already increased oil production by more than 700,000 barrels a day allayed some concerns that the market would suffer a shortfall from Libyan unrest. Violent clashes between pro- and anti-government forces have reduced Libya’s 1.6 million barrel-per-day oil output by more than 75 percent, according to reports.
Of course, FedEx faces other headwinds — namely U.S. economic growth. The company, often used as a barometer for consumer spending, predicted that it could raise shipping fees this year due to projected U.S. GDP growth of about 3.2 percent. Reaching that figure seemed less certain Friday morning after the U.S. Bureau of Economic Analysis revised fourth quarter GDP down to 2.8 percent from 3.2 percent.
Still, Seymour thought FedEx looked cheap at current levels. He's bullish on FDX.
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CNBC.com with wires.