Jim Cramer: Fedex Is Smoking Hot

Fedex's (FDX) - Get Report earnings illustrated that the delivery company's business is smoking hot, said TheStreet's Jim Cramer. Following yesterday's market close, the Memphis, TN-based delivery company reported adjusted earnings of $2.90 a share, which beat Wall Street's projections of $2.81 a share. Revenue for the quarter jumped to $14.7 billion from $12.3 billion last year. Analysts were looking for revenue of $14.61 billion. UBS raised its price target to $215 from $187 on the stock this morning following the report, reiterating a buy rating.