FedEx (FDX: sentiment, chart, options) shares are about 2% lower today after the parcel-delivery firm unveiled its first-quarter earnings. The company netted a profit of $384 million, or $1.23 per share, down from its year-ago profit of $1.58 per share. Revenue for the period climbed 8.4% to $9.97 billion. The results were in line with the guidance issued by FedEx last month.

For the second quarter, FDX projected a profit of $1.40 to $1.60 per share, topping the consensus estimate of $1.35 expected by analysts. The company also reiterated its full-year guidance, though CFO Alan Graf warned, "We see a continually weakening global economy." In order to cope, FedEx is instituting a hiring freeze and hiking rates ahead of schedule on its domestic express business.

Investors have sold on the news today, but FDX is still poised atop its 10-week moving average. This trendline is on the verge of completing a bullish cross with its 20-week counterpart, which suggests further gains are on the horizon.

In the options pits, players are focused on the soon-to-expire September 85 put. This narrowly out-of-the-money contract has seen 2,380 contracts cross the tape on open interest of 4,099.