UPS and FedEx stocks sank Monday after Amazon announced it was opening up its supply chain network to outside companies.
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Shares of logistics giants UPS
and FedEx
sank on Monday after Amazon
announced a new initiative to open up its supply chain networks to other businesses.
Retail giant Amazon announced Monday that it will open its supply chain networks to other businesses as part of its new Amazon…
Amazon will allow companies across industries, such as retail, healthcare and manufacturing, to use its supply chain network.
The parcel delivery giant says it is cutting back on low-profit deliveries for the online retailer.
Shares of UPS soared Tuesday morning after the courier beat Wall Street estimates in its third-quarter earnings report.
FedEx CEO Raj Subramaniam argued that Amazon's recent supply chain services announcement does not pose a threat to Fedex.
UPS announced it will eliminate an additional 30,000 jobs as it winds down its partnership with Amazon.
