00 on January 28th, 2008. From there it has rebounded partially, to a close of $91.27 on March 28, 2008. The perform of the FedEx Kinko's unit is partially to blame for the deterioration of the company's share price.

The expected synergies have not materialized. FedEx has incorporated full shipping services into the Kinko's stores, but the impact of that has been hampered by a number of factors. It was seen by some analysts at the time of the merger that Kinko's did not complement FedEx's core businesses well, and it appears that in the years following the merger this was borne out. For example, employee turnover at Kinko's is higher than at other FedEx units, and this has hampered service levels. There is also the lingering issue of culture clash between the Kinko's unit at the mother company. The old Kinko's culture has never been integrated into FedEx, exacerbating...
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