UPS stock suffers worst day in nearly 6 years after a big profit beat was offset by margin concerns - Marketwatch
Stock falls below key chart level for the first time since mid-May to sour the medium-term technical outlook
Shares of United Parcel Service Inc. took a dive Wednesday, after the package delivery giant’s profit and revenue beats weren’t quite good enough to extend their recent run up, given concerns over the margin outlook for its largest domestic business.
The stock tumbled 8.8% to $155.78, the lowest close since Aug. 6, and the biggest one-day plunge since it lost 9.9% on Jan. 23, 2015.
Up until Tuesday, UPS’s stock had soared 88.7% since the end of February, while the S&P 500 index had gained 14.8%, as the COVID-19 pandemic sparked a surge in e-commerce activity, which UPS expects will continue.
Stock falls below key chart level for the first time since mid-May to sour the medium-term technical outlook
Shares of United Parcel Service Inc. took a dive Wednesday, after the package delivery giant’s profit and revenue beats weren’t quite good enough to extend their recent run up, given concerns over the margin outlook for its largest domestic business.
The stock tumbled 8.8% to $155.78, the lowest close since Aug. 6, and the biggest one-day plunge since it lost 9.9% on Jan. 23, 2015.
Up until Tuesday, UPS’s stock had soared 88.7% since the end of February, while the S&P 500 index had gained 14.8%, as the COVID-19 pandemic sparked a surge in e-commerce activity, which UPS expects will continue.
