UPS, FedEx stocks drop to pace transport losers after Morgan Stanley highlights Amazon Air risk

cheryl

I started this.
Staff member
UPS, FedEx stocks drop to pace transport losers after Morgan Stanley highlights Amazon Air risk - Marketwatch

Shares of United Parcel Service Inc. sank 4.8% and FedEx Corp. dropped 4.7% in morning trade Tuesday, to lead all 20 of the Dow Jones Transportation Average's components in losses, after Morgan Stanley analyst Ravi Shanker cut its price targets on the package deliverers, citing concerns over competition from Amazon.com Inc.'s Amazon Air. Amazon's stock slipped 0.5%. Analyst Ravi Shanker cut his target on UPS to $87 from $92 at on FedEx to $230 from $240, as he believes "the market is missing the risk Amazon Air poses" to the companies
 
Top