FedEx, UPS stocks surge after WSJ report of Amazon halting competing service
J.P. Morgan analyst Brian Ossenbeck kept his ratings at neutral for both FedEx and UPS, but said he expects the stocks to react "favorably" to the WSJ report. Shares of FedEx have lost 23.3% year to date through Tuesday and of UPS have declined 20.6%, while Amazon's stock has gained 8.9% and the Dow Jones Industrial Average DJIA, +2.53% has declined 20.6%.
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While Amazon Was Distracted, FedEx and UPS Made Their Moves
With Amazon's delivery ambitions on hold while it focuses solely on meeting consumers' needs in the midst of the coronavirus contagion, FedEx (NYSE:FDX) and UPS (NYSE:UPS) each made deals with small and medium-sized businesses that may already be frustrated by the online sales platform's heavy-handed ways.
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Exxon Mobil swings to a loss and revenue falls 12%, as COVID-19 weighs on oil demand
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