Set in June 2004, this case invites the student to assess the financial performance of FedEx Corp. and United Parcel Service, Inc. (UPS). The two firms have competed intensely for dominance of the overnight express package industry. This case is intended for use in an introductory discussion of corporate value creation and its sources. The case requires no numerical computations from the student; rather, the tasks for the student are to interpret the results and to reflect upon their implications.