MarketWatch by Tom Kilgore 10/5/2017
Shares of UPS and FedEx head for a third-straight loss following record closes
Shares of United Parcel Service Inc. and FedEx Corp. fell Thursday, but pared earlier losses, after a Bloomberg report that Amazon.com Inc. was testing a new delivery service that could encroach further into the package delivery giants’ business-to-consumer markets.
UPS’s stock UPS, -0.42% was down as much as 2.1% in morning trade, before recovering to trade 0.9% lower in afternoon trade. The decline put the stock on track for a third-straight loss since Monday’s record close of $120.79.
FedEx shares FDX, -0.37% slipped 0.2%, after being down as much as 1.6% earlier, and were also on course for a third-straight loss from Monday’s record high.
Amazon is testing a new delivery service, as it aims to make more products available for free two-day delivery, and to relieve overcrowding in its own warehouses, Bloomberg reported, citing two people familiar with the plan. The service began two years ago in India, and is currently being tested in West Coast states, with a broader rollout planned in 2018, the report said.
More:
http://www.marketwatch.com/story/ups-fedex-stocks-fall-as-amazon-moves-further-into-delivery-space-2017-10-05
