Cramer's TheStreet.com TV Recap: Fed Up With FedEx

FedEx (FDX Quote) has been "disappointing," Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Webcast Thursday morning.

While Cramer has previously been a "big supporter" of FedEx, he believes it's time to re-examine his thesis on the stock, he told Aaron Task, the host of Wall Street Confidential.

Cramer had said it was the "single best play on the Internet because it involves all of shopping." But this is not the case any more.

When United Parcel Service (UPS Quote) had a bad Christmas last year and FedEx didn't, Cramer believed FedEx was "immune." But "obviously no one's immune," he said.

He said he doesn't like FedEx's excuses, as they are usually a coverup for execution problems.

"We don't really know what went wrong here," Cramer said, "and I don't want to hear it's about fuel because fuel is down."

He advised people to sell FedEx and commented on how UPS might be making a comeback.

The bigger picture with FedEx, Task said, is that people are worried about nonconfirmation of the Dow transports, also known as Dow Theory. "Do you put any credence on Dow Theory?"

Cramer said he doesn't because he believes "that index doesn't serve its function any more."

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