Stock price when the opinion was issued
He sold it at $295 recently. Loves the company, but earnings revisions came down. He bought at $262. He may re-buy it if the price and valuation are right. FedEx is a dominant player and the management team proves they can execute. The founder family still owns a lot of shares, and such families don't make crazy decision to preserve their stake. Also, cost savings and a huge share buyback are plusses. Also, they have fewer unionized employees than UPS.
They're cutting costs, not growing the business organically. Last quarter was really bad, so all they've done today is recover that loss. Give the new CEO some time to straighten out the cost base and then we'll see if things pick up. The stock isn't cheap; shorts are discounting the market but that's where it should be for this cyclical stock.