Gotta agree with Whale here...
I could see a split if the stock was rocketing above $100 with no end in sight - that three-digit price seems to be a psychological barrier for many investors. Of course, that's not always true - witness Google and Berkshire Hathaway.
But for a huge, established company like FedEx - a stock split in this climate could be seen as an artificial attempt to create a positive outlook on the stock.
Bottom line - a split will occur when the company value increases enough to push the stock well above the $100 mark and keep it there. Even then, it's not guaranteed, and it does nothing for the shareholders - dividends are diluted in direct proportion to the split and your overall share value remains the same.