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In early 2006, the anticipated expansion of package delivery services in China provided a great opportunity for the two package delivery giants FedEx and UPS. It was unclear which of these firms would make the most of this opportunity. An analysis of financial performance suggests that UPS is the better performer. On the other hand, the FedEx stock price performance has been far stronger. This apparent conflict highlights the fact that stock prices reflect anticipated future performance and new information. A teaching note and instructor and student spreadsheets are available.