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The Battle for Value, 2004: Fedex Corp. Vs. United Parcel Service, Inc. THE BATTLE FOR VALUE, 2004: FEDEX CORP.VS. UNITED PARCEL SERVICE, INC.1 What happened to FedEx and UPS’s stock price in early 2004? Why did they rise? Why did one outpace the other? In an efficient market, how are we to interpret FedEx’s 14%.