Shares of UPS (UPS), FedEx (FDX) and GXO Logistics (GXO) are under pressure on Monday after Amazon (AMZN) announced the launch of Amazon Supply Chain Services, which “extends the company’s entire portfolio of freight, distribution, fulfillment, and parcel shipping solutions to businesses of all types and sizes.” Amazon noted that, “Over the past three years, hundreds of thousands of Amazon sellers have trusted the company’s logistics network to move, store, and deliver hundreds of millions of packages across third-party facilities, warehouses, and sales channels beyond the Amazon store. The launch of ASCS builds on this momentum, now supporting third-party logistics for businesses in industries such as healthcare, automotive, manufacturing, and retail.” In morning trading, UPS and FedEx shares are down roughly 9%, while GXO Logistics has dropped over 11%.
Claim 55% Off TipRanks
Forget margin or options. Here's how the pros trade AMZNPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UPS: