FedEx (FDX) Inches Higher Following Congress Ruling on USPS Legislation (UPS)
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Price: $108.01 -0.12%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.6%
Revenue Growth %: +2.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.6%
Revenue Growth %: +2.3%
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United Parcel Service Inc. (NYSE: UPS) and FedEx (NYSE: FDX) were moving off of session lows Thursday afternoon following Congress passing legislation that would keep Saturday delivery.
Though the USPS argued that cutting the day out would save about $2 billion annually, lawmakers didn't agree with the broader picture.
In the proposal, the USPS would not deliver first-class mail, magazines and direct mail, but it would continue to deliver packages and pharmaceutical drugs.
FedEx and the USPS have a partnership with FedEx's SmartPost service, which allows the USPS to deliver lightweight packages for the final leg.
Shares of FedEx are 2.4 percent lower while UPS is down 1.2 percent Thursday.
Though the USPS argued that cutting the day out would save about $2 billion annually, lawmakers didn't agree with the broader picture.
In the proposal, the USPS would not deliver first-class mail, magazines and direct mail, but it would continue to deliver packages and pharmaceutical drugs.
FedEx and the USPS have a partnership with FedEx's SmartPost service, which allows the USPS to deliver lightweight packages for the final leg.
Shares of FedEx are 2.4 percent lower while UPS is down 1.2 percent Thursday.
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