FedEx Prediction: International Up, Domestic Down, Teamsters Canada Uncertain - Gerson Lehman Few transportation companies' fortunes fell more sharply in the recent economic downturn than Memphis-based FedEx Corp. The world's second-largest transportation company saw daily volumes fall around 7 percent in the first quarter of this year. Domestic heavy freight volumes, as measured by its FedEx Freight LTL unit, plunged in excess of 20 percent. This was nearly unheard of for FedEx, long the more nimble of the nation's two small package giants. There were layoffs, salary givebacks, hiring freezes and even talk of exiting some markets. Its stock plunged more than 50 percent. Those days appear to be over. If FedEx's preannouncement is any indication, this bellwether of economic activity seems to be saying the worst is behind us.