A sputtering economy, implosions at financial institutions, or just plain bad management -- on any given day, investors can name a number of reasons to sell a stock. Yet while panic is never beneficial to investors, it's good practice to play devil's advocate with investments from time to time.

In Motley Fool CAPS, more than 125,000 members have weighed in on nearly 5,400 stocks, sharing bullish and bearish opinions alike.

In the case of transportation bellwether FedEx (NYSE:FDX), a total of 1,930 members have weighed in on its chances of success. I've already plucked out some of the bullish rationale backing FedEx today, so here are three counterpoints to consider, courtesy of CAPS:

1. Worse before it gets better
FedEx and its investors might not fear 2009 as much as Citigroup (NYSE:C), GM (NYSE:GM), or Ford (NYSE:F), but the company expects the global economic environment to get even worse in the second half of its fiscal 2009. Conditions have spread worldwide, lowering demand for its services and foretelling financials that could get much worse.

2. Cutting to the bone
With the economic crisis taking its toll on FedEx and competitor UPS (NYSE:UPS), the company is cutting marketing budgets and freezing its matching of employee 401(k) contributions. And for the first time in 12 years, FedEx will not be buying any advertising spots for this year's Super Bowl from General Electric's (NYSE:GE) NBC. Some investors believe these abrupt and deep cuts could damage FedEx in the long term.

3. Unprecedented times
FedEx reported lower shipping volumes across the board in its fiscal second quarter with Chairman and Chief Executive Fred Smith recently stating that the company is facing "some of the worst economic conditions in the company's 35-year operating history." Cheaper fuel prices and raising customer rates, as eBay (NASDAQ:EBAY) did, still haven't been enough to counteract sliding demand, leaving some investors wondering where the bottom is.

Of course, FedEx has survived and thrived despite dozens of obstacles in its long history. But the question of whether the company can continue to do so profitably is why CAPS is such a great resource to augment your own analysis.

To see what the very best CAPS members are saying now about FedEx, just click on over to Motley Fool CAPS and have a look -- it's all free, and open to your opinions.

More Foolishness:

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Fool contributor Dave Mock owns no shares of companies mentioned here. United Parcel Service is an Income Investor pick. eBay is an Inside Value recommendation. FedEx and eBay are Stock Advisor picks. The Fool's disclosure policy is rumored to be unbeatable at Parcheesi.