Repeats with headline tag

** FedEx FDX.N on Tuesday reported shrinking quarterly margin in its core delivery segment, year-on-year, despite exceeding profit estimates and projecting an 11% annual revenue growth

** The results included the trucking business spun off this month

** Shares fell 7% premarket

NOISE DOMINATES, BUT OPTIMISM LINGERS

** J.P. Morgan ("overweight") says weaker margins overshadowed the earnings beat, but forecasts improved performance as FedEx moves through its transition year and earnings pick up

** Jefferies ("buy," PT: $360) says it remains confident in the firm's longer-term earnings trajectory despite near-term noise from the transition

** Morgan Stanley ("underweight," PT: $160) says FedEx faces a "noisy transition ahead," adds that it is hard to draw conclusions from the guidance due to reporting changes and the freight business's separation

** Wolfe Research ("outperform," PT: $378) says the guidance could prove conservative; pointing to fuel tailwinds and surcharge changes