FDX is trading down nearly $5 in pre-market trading after reporting earnings this morning.  Below is a list of FDX earnings reports along with its one-day price change since October 2002.  When the stock has gapped down on earnings (as it is doing this morning), it tends to trade lower from the open to the close as well.  When the stock gaps up on earnings (as it is not doing this morning but for future reference), the stock tends to continue its rally during regular trading hours.