UPS stocks plummeted after it slashed business with the world’s largest online retailer.
Their largest customer is Amazon and they'll be winding down deliveries for the company by 50% through June 2026.
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UNITED Parcel Service (UPS) suffered its biggest one-day share drop after shocking the market by slashing business with the world’s largest online retailer. Read more at The Business Times.
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UPS stock fell by 14%, after it announced an agreement that would cut its delivery business with Amazon by 50%.
Amazon will next submit a planning application with local authorities, and will apply for authorization with the Civil Aviation Authority to fly drones in the airspace.
UPS plans to cut deliveries for Amazon, its biggest corporate customer, by more than 50% by the second half of 2026.