Cramer says investors should remain calm after FedEx’s bad quarter but brace for more economic pain

Cramer told investors not to panic after FedEx reported a worse-than- expected first quarter.

FedEx reported first-quarter earnings and revenue that fell short of expectations due to a decline in global shipment volumes.

The company's shares fell in the extended trading period.

Cramer said that investors shouldn't let the company's bad quarter scare them.

1. This was CEO Raj Subramaniam’s first quarter leading the company. While the issues appear to be macroeconomic, there could be some issues with the company’s execution that are not apparent yet, which means the economy might not be in as dire a situation as the company suggested.
2. The issues Subramaniam described are all manmade. Both the Covid lockdowns in China and Russia’s invasion of Ukraine are issues that global leaders are causing, which means that there’s potential for resolution.
3. It’s entirely possible for wage inflation to come down. “Maybe the bears who insist that the Fed raise and raise and raise and raise [interest rates] don’t know what they’re talking about,” Cramer said.

This doesn't mean that investors shouldn't be prepared for more pain in the future. We had a lot of problems and they are all getting worse, not better.

Jim Cramer has a guide to investing that you can download for free.