Editor's Note: This column by Ben Thomas is a special bonus for TheStreet.com and RealMoney readers. It first appeared on Street Insight on March 21 at 10:53 a.m. To sign up for Street Insight , where you can read Thomas' commentary in real time, please click here .

Declining oil prices and a competitor's favorable outlook are cause for optimism as FedEx ( FDX) prepares to report third-quarter earnings before the open Wednesday morning. A conference call is scheduled to follow at 8:30 a.m. EST.

Current projections call for the company to deliver EPS of $1.30 on revenue of $8 billion. These estimates are at the top end of management's recent guidance because of the Street's belief that the company will have another strong earnings report and guidance.

I am always fearful when everybody seems to agree that things are good for a particular company. So I would not be shocked to see some selling tomorrow (particularly if the company provides only an in-line quarter). However, longer term, I would be a buyer of FDX if the valuation remains fair (not cheap) and if it has solid longer-term fundamentals.

United Parcel Service ( UPS) recently suggested that its quarter was tracking very well and that pricing would be strong. Both of these companies have done a good job of implementing price increases over the years. FDX has actually done a slightly better job at maintaining some operating leverage.
At the time of publication, Thomas was long UPS.

Ben Thomas, CFA is the portfolio manager for a technology oriented midcap hedge fund. Prior to this, Ben was a portfolio manager and senior equity analyst for Invesco. There, he was responsible for managing the firm's Midcap Growth portfolio as well as the firm's technology research efforts. Prior to Invesco, Ben worked for Banc One Securities and Prudential Securities. Ben graduated from the University of Kentucky with a degree in finance and went on to earn his MBA from Indiana University. He serves on the board of directors for the CFA Society of Louisville and is a member of the CFA Institute.