Why UPS Stock Is Up After Hours
Portfolio Pulse from Erica Kollmann
United Parcel Service, Inc. (UPS) shares rose after hours in response to FedEx Corp's (FDX) positive third-quarter earnings report. FedEx exceeded earnings expectations and announced a $5 billion share repurchase program, influencing UPS's stock movement. UPS, which reported a revenue decline in its last quarterly results, is anticipated to announce its first-quarter results soon, with expectations set for earnings of $1.57 per share and revenue of $22.039 billion.
March 21, 2024 | 9:02 pm
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POSITIVE IMPACT
FedEx reported Q3 earnings of $3.86 per share, beating estimates and announced a $5 billion share repurchase program. This positive news likely contributed to the rise in UPS stock after hours.
FedEx's strong earnings report and share repurchase announcement have a positive spillover effect on UPS, as both companies operate in the same sector. This news likely contributed to investor optimism around UPS.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
UPS stock rose after hours following FedEx's positive earnings report, indicating market sympathy. UPS is expected to report Q1 earnings soon, with projections of $1.57 EPS and $22.039B in revenue.
UPS's stock movement is directly influenced by FedEx's positive earnings report, reflecting market sentiment. The anticipation of UPS's own earnings report adds to the relevance and potential impact on its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90