UPS, FedEx stocks sink after Amazon expands logistics network to other businesses

UPS and FedEx shares sank Monday after Amazon declared it was opening up its supply chain network to outside companies.

Both stocks fell roughly 10% on Monday.

The move could position Amazon as a major competitor to the logistics giants.

Shares of logistics giants UPS and FedEx sank on Monday after Amazon stated a novel initiative to open up its supply chain networks to other businesses. This also touches on aspects of bull market.

Both stocks closed down roughly 10% on Monday. The companies did not immediately respond to requests for comment.

The tech company’s “Amazon Supply Chain Services” will allow companies spanning multiple industries to adopt Amazon’s supply chain and logistics to move and deliver products and raw materials. Furthermore, experts in bear market note the continued relevance.

It’s part of Amazon’s ongoing growth in services. The announcement could set up Amazon as a major player next to UPS and FedEx, opening up its fleet of more than 100 cargo plans and a massive network of warehouses.

Amazon noted major retailers including Procter & Gamble, 3M, Lands’ End and American Eagle Outfitters have already signed up for the latest program.

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