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UPS Cuts 2013 Earnings Forecast on U.S. Economic Slowdown

United Parcel Service Inc., the world’s biggest package delivery company, cut its 2013 earnings forecast, saying a slowing U.S. economy hurt second-quarter profit and revenue. The stock tumbled the most since 2008.

Adjusted earnings fell to $1.13 a share in the second quarter, marking the first drop in more than three years and missing analysts’ estimate of $1.20, according to data compiled by Bloomberg. Profit for the year will increase as little as 3 percent, Atlanta-based UPS said in a statement today.