Lots and Lots of variables.
If institutional investors are favoring transportation stocks in a certain month you will see the stocks go up over time. Could be before or after an earnings announcement.
An earnings announcement, if not a real surprise, is often just a trigger for stock movement. The factors for its movement could be totally unrelated.
I figure there is a lot positive thinking about calender year 2008 for FedEx.
The question is, if you buy into a good 2008 and possibly 2009, when do you get into the stock? Now or later in the year?
Incidentally, UPS has been going up too.