UPS Falls Most in Four Years as Investors Shun Comeback Plan
- Winter storms and rising costs will hurt profit in first half
- CEO affirmed 2019 guidance, showing ‘we have confidence’
Photographer: Luke Sharrett/Bloomberg
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United Parcel Service Inc. fell the most in four years after its chief executive officer said he’s counting on the last half of 2019 to make up for winter weather and rising expansion costs that are hurting profit during the first six months.
Investors aren’t convinced CEO David Abney will be able to pull off the comeback. Shares fell 8.7 percent to $104.35 at 10:44 a.m. in New York Thursday, after earlier falling 8.9 percent for the biggest intraday decline since Jan. 23, 2015.