UPS profit gain overshadowed by trade war worries, shares fall - Reuters
United Parcel Service Inc (UPS.N) reported a 20 percent rise in quarterly profit on Wednesday, but shares dropped 3.5 percent after it said the U.S. trade war with China contributed to disappointing international results.
Investors consider UPS a bellwether for the U.S. economy and they seized on news that President Donald Trump’s shift to more protectionist trade policies weighed on its results.
UPS shares were down $4.04 at $110.20 in late morning trade after the company attributed an 11.6 percent decline in international package operating profit to unhedged currency in emerging markets, higher fuel costs and slowing economic activity resulting from changing trade policies.
United Parcel Service Inc (UPS.N) reported a 20 percent rise in quarterly profit on Wednesday, but shares dropped 3.5 percent after it said the U.S. trade war with China contributed to disappointing international results.
Investors consider UPS a bellwether for the U.S. economy and they seized on news that President Donald Trump’s shift to more protectionist trade policies weighed on its results.
UPS shares were down $4.04 at $110.20 in late morning trade after the company attributed an 11.6 percent decline in international package operating profit to unhedged currency in emerging markets, higher fuel costs and slowing economic activity resulting from changing trade policies.
