Dom Ceci and Andrew Wang dissect FedEx (FDX) earnings. Andrew calls it a “high-quality beat, not an accounting beat.” He points out that the majority of its revenue is now coming from business-to-business operations. Andrew argues the company is going through a major transformation that can expand margins “meaningfully.” Dom looks big picture, saying the report reaction is in-line with trader behavior all earnings season, where beats are scarcely rewarded and misses are severely punished.