FedEx sank under $200 yesterday before bouncing back a little today. It is currently trading at a ttm PE of 11, and has been growing EPS at 8.5% over the past five years. They averaged about $15/sh in earnings over the past five years and look set to hit around $20 this year. VL has them earning $26.50 within 5 years, so they are trading at under 7 times future earnings. Certainly there is some justified worry about the rapidly rising oil prices impacting costs and, ultimately, the bottom line, but this would seem to be a temporary hiccup. I found the recent prices too attractive not to dip my toe with a 1% position.