FedEx’s fiscal third-quarter earnings report showed the shipping company is serious about getting its arms around costs, but the readout is likely to leave investors with some questions, J.P. Morgan analysts say in a research note. The analysts note that FedEx got a boost in the quarter from a smaller payout of bonuses, but that boon could turn into a challenge next year as it laps the quarter. They say FedEx is still exposed to a potential economic downturn and that management needs to show more execution on its cost-cutting program. “We expect there will be some lingering doubts when the dust settles,” the analysts say. Shares pop almost 10%.