0813 ET - UPS says it has agreed to cut volumes with Amazon, its largest customer, by over 50% by the second half of 2026. The pullback comes as a surprise and serves as an acceleration to the glide down of UPS's Amazon business that "has long represented a tail risk," Evercore ISI analysts Jonathan Chappell and Alex Johnson say in a research note. The package shipper is realigning its U.S. network to adjust for the volume loss, but the speed at which it is able to do that will likely hurt near-term results, the analysts say. Shares fall 13% to $115.49 premarket. (dean.seal@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 08:13 ET (13:13 GMT)
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