UPS shares hit three-month low on worries e-commerce is cooling - Reuters
United Parcel Service Inc shares fell to a three-month low on Tuesday on worries that growth from the pandemic-fueled e-commerce boom may be fading.
The company said second-quarter domestic volume fell 2.9%, with ground - composed largely of e-commerce deliveries - dropping 4% versus the year earlier.
"Investors are likely reading this as an indication the pandemic-driven demand trend is slowing," Cowen Research analyst Helane Becker said in a client note.
The stock was down 9.3% at $190.32 in midday trading, its lowest price since late April.
United Parcel Service Inc shares fell to a three-month low on Tuesday on worries that growth from the pandemic-fueled e-commerce boom may be fading.
The company said second-quarter domestic volume fell 2.9%, with ground - composed largely of e-commerce deliveries - dropping 4% versus the year earlier.
"Investors are likely reading this as an indication the pandemic-driven demand trend is slowing," Cowen Research analyst Helane Becker said in a client note.
The stock was down 9.3% at $190.32 in midday trading, its lowest price since late April.