You want to own FedEx if you think the global economy is improving and costs (fuel) are going to be lower.
That's what the company seems to be saying.
FedEx CEO Fred Smith said on the conference call:
"We believe that the near-term softness in the economy will be temporary as fuel prices have retreated from their April highs and the Japanese economy recovers. Going forward we see stronger economic growth. We believe the industrial sector will lead growth in the United States and overseas in the next two years supporting shipping demand."
The data seems to back this up. Their Express division — the global parcel and freight airline — grew 4 percent, while International Priority — a subdivision of Express that is often used as a proxy for global growth — grew a solid 6 percent. Even the Freight Division, which is one of the biggest less than truckload carriers in the U.S., posted solid numbers.