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You might choose to short Jabil, but I wouldn't for the reason you cited. True, the number of shares out will be doubled, but for those holding it, the cost basis has just been cut in half. If I owned 1 share prior to the split which had an EPS est. of $4.20 for FY-98, I now own 2 shares that have an EPS est. of $2.10 for FY-98 ... it's a wash.
What really counts is the percentage growth in EPS from FY-97 to FY-98. So, after the split, you go back and adjust all prior period EPS reports by cutting them in half (i.e. they are halved per share since there are now twice as many out there). Then look at the percentage growth in EPS...it'll be the same no matter whether Jabil split or not.

Note: This is NOT the same situation as if Jabil had just issued a bunch of NEW shares.

BTW... I recently did the opposite of what you cited with shorting before the split - I bought between July 8 and July 23. On July 23 my account was credited to reflect the split. I believe the July 8th date is a "Date of Record" for determining who is mailed the stock dividend (not who is legally entitled to it). Really anyone who owns it on the split date is entitled to the split (think of the implications otherwise - all of a sudden the total valuation of the shares I bought July 20th are worth half that value when I wake up July 23rd - yikes!!!)
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