UPS, FedEx shares drop on fears Amazon starting delivery service

Delivery company shares are declining as investors worry Amazon is about to disrupt the industry.

Amazon spooks UPS, FedEx investors over fears that the retail giant will start making its own deliveries

  • Shares of UPS and FedEx fell 3.3 percent and 2.2 percent respectively in Thursday’s premarket session.
  • Bloomberg News is reporting Amazon is trying out a new delivery program called “Seller Flex” where the company will pick up packages from third-party sellers selling on its platform and deliver the products to consumers.
  • “We don’t believe that Amazon’s strategy is to do it themselves and the reason we believe that is we have this huge infrastructure, we’re investing in technology, we have a great mutual relationship with them,” said UPS CEO David Abney in an interview with CNBC in December 2016.

Finish reading: UPS, FedEx shares drop on fears Amazon starting delivery service






 

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