Here's the reality: FedEx shares have moved 3% in higher in Monday's trading, after the package-delivery concern said it thought the challenges in the broad economy had troughed, and that conditions could be expected to improve through the balance of the year.
"We think we have hit bottom, and traffic is climbing up from a multi-year low," FedEx chief executive Frederick Smith said Monday in Memphis, where the company is hosting its annual meeting. "We definitely see the light at the end of the tunnel" in terms of the economy.
The stock jumped 3% on his comments.
By contrast, when Smith offered a similar - but actually more precise - assessment of the economy two weeks ago, Wall Street not only ignored the good news, it focused on the year-over-year decline in profit performance the company recorded.
At that time, Smith said he expected the U.S. gross domestic product to grow by 3% in the current quarter, nearly 5% next quarter, and about 3% next year.
Smith wasn't as specific in Monday's outlook, though the tone of his comments sounded similarly constructive.
Of course, it might be asked whether relatively modest growth coupled with some challenging earnings comparisons warranted a 27 times earnings multiple, which is what investors have placed on FedEx shares.