FedEx, UPS shares slammed premarket on report Amazon is preparing a mail delivery service [MarketWatch]
FedEx Corporation (FDX)
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Source: MarketWatch
FedEx, UPS shares slammed premarket on report Amazon is preparing a mail delivery service Shares of mail delivery services slid in premarket trade Friday, after The Wall Street Journal reported that Amazon.com Inc. AMZN, -4.68% is gearing up to launch its own delivery service for businesses, putting it in direct competition with the industry's two big players. FedEx Corp. shares FDX, -4.73% slid 4.7% and United Parcel Service Inc. UPS, -2.35% fell 5.8%. The journal said the new service will be called "shipping with Amazon," or SWA, and will involve the e-commerce giant picking up packages from businesses and shipping them to customers. Amazon will in the coming weeks pilot the program in Los Angeles with third-party merchants that sell goods on its site, before expanding to more cities later this year. Amazon has worked for the past few years on creating its own freight network, leasing up to 40 aircraft. Amazon shares were slightly higher premarket, but have gained 64% in th
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