economy
UPS, FedEx stocks sink after Amazon expands logistics network to other businesses
UPS and FedEx stocks sank Monday after Amazon announced it was opening up its supply chain network to outside companies.
TL;DR
- UPS and FedEx stocks fell approximately 10% on Monday.
- Amazon announced its "Amazon Supply Chain Services" initiative.
- This new service allows external businesses to use Amazon's supply chain and logistics networks.
- Major retailers like Procter & Gamble, 3M, Lands' End, and American Eagle Outfitters have already joined the program.
- Amazon's fleet of over 100 cargo planes and vast warehouse network will be utilized.