MEMPHIS, Tenn. (

TheStreet

) --

FedEx

(FDX) - Get Report

has suffered a rapid decompression, with the stock down more than 6% after a

bleak quarter

. The package-shipper had enjoyed a nice climb in the past couple of months, especially after its busiest day in history, Dec. 14, when it moved an estimated 13 million pieces as crews fueled by stale coffee and box dinners made Memphis the busiest airport in the world.

A week ago I called a top in Fed Ex, but the CFO's comments Thursday and the resulting pullback are a little much.

Fed Ex is a solid company. How many other companies become a verb and part of the English language? Ever hear someone say "Hey, can you post office me those documents?"

The founding of the company by a former Marine, the grade he received in business school on the concept and how he had to make payroll one month (Vegas, baby!) are the stuff of business legend.

I liked the company so much that I worked there -- for 10 months. I was not a fan of going to work at midnight, flying until sunrise and then racing to a motel to train and get some sleep -- during the day. I left and went to fly for American, with my first flight scheduled for Sept. 11, 2001, but I digress.

The pullback in Fed Ex is warranted after it warned that things aren't as rosy as they appear, but this comes on the heels of saying things were great the last time we heard from them.

The reason people sit up and take notice that Fed Ex is still seeing clouds should be obvious. They move stuff. Tons of it. Stuff people are buying and selling. From hazardous materials to Chia Pets to volleyballs, as Tom Hanks discovered in

Castaway

. When they see things slowing down, it doesn't bode well for everyone else.

A big point to remember about the purple and orange is that they have a large international presence. I've seen the FedEx logo in places that I'm not at liberty to say. With the global economy picking up some speed, FedEx is sure to benefit. But if the U.S. cold continues to linger, it may also spread to our buddies, impacting FedEx as well.

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Overall, I've shifted my view from bearish to neutral on the behemoth, mainly because I need my last-minute gifts for my wife delivered this week or I'm in serious trouble.

I'm currently holding a Jan 90/100 bear call spread, which I put on weeks ago as it tore higher on the holiday news. Today, I legged into an iron condor by selling a Jan 75/65 bull put spread. Using ATM volatility of 31.66%, there's a 66% probability of FDX finishing between 75 and 90 by Jan expiration.

While Fred Smith may have some issues with the Teamsters and/or Congress over the Railway Labor Act, the man is a shrewd businessman with a solid company. His threat to cancel a large order with

Boeing

(BA) - Get Report

is not an idle one.

I bet on Fred to win in the end.

At the time of publication, Buckley had an "iron condor" position in FedEx, short a bear call spread and short a bull put spread.

Matthew "Whiz" Buckley is the chief strategy officer of

Options University

, a provider of options education for options traders of all levels. He is also the managing partner of

Check6 LLC

, a business-consulting firm specializing in leadership development, risk management and strategic planning for Fortune 500 companies and related organizations. Buckley flew the F-18 Hornet for the U.S. Navy. He's a graduate of TOPGUN, has close to 400 carrier landings and flew 44 combat sorties over Iraq. After leaving active duty, he worked as managing director of strategy at a Wall Street firm and CEO of a financial media company. He is an internationally recognized speaker and combined his experiences in the military and corporate America in his book "From Sea Level to C Level." Matthew "Whiz" Buckley is the chief strategy officer of

Options University

, a provider of options education for options traders of all levels. He is also the managing partner of

Check6 LLC

, a business-consulting firm specializing in leadership development, risk management and strategic planning for Fortune 500 companies and related organizations. Buckley flew the F-18 Hornet for the U.S. Navy. He's a graduate of TOPGUN, has close to 400 carrier landings and flew 44 combat sorties over Iraq. After leaving active duty, he worked as managing director of strategy at a Wall Street firm and CEO of a financial media company. He is an internationally recognized speaker and combined his experiences in the military and corporate America in his book "From Sea Level to C Level."