No reason for optimism in FedEx's numbers

FedEx (FDX) is the latest company to declare that its upcoming earnings would not be as bad as Wall Street had expected. Shares of the Memphis-based package delivery service rose on the announcement as did other transportation stocks.

On September 17, the company expects to report earnings for the fiscal first quarter ended August 31, of 58 cents per share, down 53 percent from $1.23 per share a year ago. The company says that results for the second largest package delivery company will likely be better than its earlier guidance of 30 cents to 45 cents per share. But looking ahead, second quarter earnings, says Fedex, will likely be 65 cents per share to 95 cents per share, down substantially form $1.58 per share a year ago.