AndreyPopov/iStock via Getty Images Investment Thesis The last time I wrote about FedEx Corp (NYSE:FDX), I argued how the company’s initiatives such as One FedEx and the presence of an activist hedge fund may not be enough to offset the pressure on the company’s volumes caused by a challenging macro environment. I had a SELL rating on the stock. Since the article was published in July 2023, the stock has gained 21.3%, marginally underperforming the S&P 500, which gained 22.7% during the same period. In this ...