UPS posted fourth-quarter results Tuesday that reinforce our long-held thesis that the US will avoid a double-dip recession despite problems within the Eurozone. We are maintaining our fair value estimate for the package handler. UPS delivered record fourth-quarter results in volume, revenue and profitability—hardly recessionary signals. Revenue in its fourth quarter jumped 5.6% as the company delivered 1.13 billion packages (up 3.6% from the same period a year ago), while adjusted operating margin expansion of 140 basis points pushed adjusted diluted earnings per share higher nearly 21%, to $1.28. The company saw increases in both US and international daily package volume thanks to robust e-commerce expansion, strong European exports and intra-regional growth in