Shares of FedEx Corp. slipped 0.2% in afternoon trading, ahead of the package delivery service's fiscal first-quarter results due out after the close. J.P. Morgan analyst Brian Ossenbeck said in note to clients on Monday that the set up ahead of results "appears like 'horseshoes and hand grenades,' where close is good enough and we are positive into the event." The company is expected to report adjusted earnings per share of $3.15, down from $3.46 a year ago, and revenue is expected to slip 0.2% to $17.06 billion, according to FactSet. The FactSet consensus for FedEx Express sales is a 3.8% decline from last year to $8.87 billion, while FedEx Ground sales are expected to increase 6.8% to $5.13 billion. The stock had gained 2.5% the day after fourth-quarter results were reported in June, but had declined the day after the five previous quarterly reports by an average of 5.0%. The stock has gained 7.4% year to date, while rival United Parcel Service Inc. shares have rallied 24.9%, the Dow Jones Transportation Average has advanced 16.5% and the Dow Jones Industrial Average has gained 16.1%.
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