Many of us were ecstatic that the UPS bid to acquire TNT was rejected by the European Union. It turns out that the just released TNT results lend credence to that belief. Q3 sales for TNT were down 2% YOY and the operating margin shrank from 3.7% to 3.2%. Despite all this, shares are up markedly in recent months and their forward P/E sits at around 20. Someone on this board recently made the erroneous statement that the UPS going forward was in the 20's. The reality is that it's just over 17 and therefore sounds very reasonable compared to TNT and when it's considered that we're about to raise the dividend anywhere from $.05 to $.08.