FedEx (NYSE: FDX) shares are trading slightly lower into the company's Q4 report, which is expected out after markets close.

The Street sees FedEx posting Q4 EPS of $3.28 with revenue of $12.78 billion, up 23percent and 5.6 percent, respectively.

As noted earlier, June call volatility is at 27, just about in the middle of its 52-weeek range.