FedEx, UPS Shares Sink on ‘Watershed’ Amazon Logistics Move
Bloomberg.com • • business
Key Points:
- US transportation stocks dropped sharply following Amazon.com's announcement of expanded logistics services, positioning it as a significant competitor to parcel carriers and air freight companies.
- FedEx shares fell 9.1%, marking their worst single-day decline in over a year, while UPS shares dropped more than 10%.
- Logistics companies Forward Air and GXO Logistics experienced double-digit stock declines.
- Trucking company Old Dominion Freight Line saw its shares fall nearly 7%, reflecting broader market concerns about Amazon's growing logistics presence.
