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☆ UPS Earnings Rise as Higher Prices Offset Shipping Slowdown
▼ + stars: | 2022-10-25 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

UPS’s overall revenue, while higher than last year, is under analysts’ expectations. United Parcel Service Inc.’s profit climbed in the third quarter despite a downtick in shipping volumes as higher prices held up its top line. Overall revenue for the Atlanta-based delivery company rose 4.2% to $24.2 billion, as revenue per piece shipped climbed 8.6%, offsetting a 2.1% decline in the volume of packages shipped.

Earnings from the companies will offer a glimpse into how corporate America is holding up in the face of decades-high inflation and tighter financial conditions. "There is a positive view (on technology earnings)," said Giuseppe Sette, president of AI investment platform Toggle. FEDWATCHToggle's Sette noted that it is not yet a done deal that investors are shifting towards a more dovish Fed. Advancing issues outnumbered decliners by a 5.16-to-1 ratio on the NYSE and by a 4.03-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and one new low, while the Nasdaq recorded 41 new highs and 76 new lows.

Earnings reports from companies including Microsoft (MSFT.O) and Google-owner Alphabet (GOOGL.O) will offer further clues on the strength of corporate America amid higher Treasury yields and an aggressive Federal Reserve tightening cycle. Shares of the two companies, which report after market close, were up about 0.2% each in premarket trading. Register now for FREE unlimited access to Reuters.com Register"There is a positive view (on technology earnings)," said Giuseppe Sette, president of AI investment platform Toggle. Leading premarket gains among Dow components, Coca-Cola Co (KO.N) rose 2.4% after the company raised its annual revenue and profit forecasts, banking on steady demand amid price increases. 3M (MMM.N), on the other hand, fell 2.8% as it cut its full-year revenue and profit forecasts due to a stronger dollar.

☆ UPS beats profit estimates on higher parcel delivery prices
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday reported a stronger-than-expected quarterly adjusted profit and reaffirmed its full-year forecast as higher delivery prices helped offset softening e-commerce demand. Delivery firms such as UPS and FedEx Corp (FDX.N) have banked on higher-paying small businesses and enterprise customers to drive volumes and earnings in the wake of falling e-commerce demand and receding domestic volumes. Atlanta based UPS' shares were up about 1% in premarket trade as the company reaffirmed its full-year revenue forecast of about $102 billion and adjusted operating margin of around 13.7%. The world's largest parcel delivery firm's quarterly revenue of $24.2 billion missed analysts' estimates of $24.3 billion, as consolidated average daily package volumes declined 2.1% to 22.9 million in the quarter. UPS adjusted third-quarter profit rose to $2.99 per share beating Wall Street estimates of $2.84 per share.

☆ Rising Shipping Costs Prompt Businesses to Get Creative With Deliveries
▼ + stars: | 2022-10-24 | by ( Esther Fung | Photographs David Kasnic For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Rising shipping costs are primed to squeeze profits for businesses of all sizes this holiday season. Entrepreneurs and executives say that to cope they are buying their own delivery vehicles, pleading with customers for patience and changing the products they sell. The moves, they say, are in response to carriers such as FedEx and United Parcel Service Inc. continuing to pass along price increases for service.

☆ Freight Operators’ Peak Shipping Season Is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +7 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.

☆ Freight Operators’ Peak Shipping Season is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +6 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas.

☆ Amazon.com to invest over 1 billion euros in European electric van, truck fleet
▼ + stars: | 2022-10-09 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Oct 10 (Reuters) - Amazon.com Inc (AMZN.O) said on Monday it will invest more than 1 billion euros ($974.8 million) over the next five years in electric vans, trucks and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon. The retailer said the investment was also aimed at spurring innovation across the transportation industry and encouraging more public charging infrastructure for electric vehicles (EVs). The U.S. online retailer said the investment would help its electric van fleet in Europe more than triple from 3,000 vehicles to more than 10,000 by 2025. Amazon said it also hopes to purchase more than 1,500 electric heavy goods vehicles - used for "middle-mile" shipments to package hubs - in the coming years. The retailer said it will also invest in doubling its European network of "micro-mobility" hubs from more than 20 cities today.

☆ Factbox: U.S. companies brace for Hurricane Ian
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +5 min

Sept 28 (Reuters) - Hurricane Ian is set to make landfall in Florida on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. NextEra Energy Inc's (NEE.N) Florida Power & Light Co, the largest utility in the state, deployed nearly 16,000 workers from 27 states to restore power. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ Factbox: U.S. companies gird themselves as Hurricane Ian makes landfall
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +6 min

Sept 28 (Reuters) - Hurricane Ian makes landfall in Florida with Category 4 fury on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. Costco Wholesale Corp closed nine stores located in Florida due to an impact of Hurricane Ian. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ New bill aims to curtail surprise medical bills for sexual assault survivors
▼ + stars: | 2022-09-20 | by ( Aria Bendix | Aria Bendix Is The Breaking Health Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

A bill introduced Monday in the House of Representatives would require private health insurance to cover forensic exams for sexual assault survivors in full. For an exam to be free under the law, it must be conducted by an accredited nurse known as a sexual assault nurse examiner, or SANE, but many victims of sexual violence don't know to seek that out. The new bill was introduced by Reps. Linda T. Sánchez, D-Calif.; Gwen Moore, D-Wis.; and Carol Miller, R-W.Va. The lawmakers' hope is that survivors with private insurance would not get billed for an exam, regardless of where it's performed. "This legislation is needed because too many survivors, grappling with trauma, also become burdened with the cost of a forensic medical exam — even though they shouldn’t be," Moore said in a statement.

☆ Analysis: Overstretched U.S. companies feel pinch of higher borrowing costs
▼ + stars: | 2022-09-20 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 20 (Reuters) - When U.S. consumer products company Newell Brands Inc (NWL.O) refinanced $1.1 billion worth of bonds earlier this month, it saw its borrowing costs jump by more than half. Register now for FREE unlimited access to Reuters.com RegisterA Newell Brands spokesperson did not respond to a request for comment. But most companies with junk-rated debt have significant exposure to higher interest rates. HIGHER BANKRUPTCY RISKThe burden of higher interest payments is expected to lead to more companies filing for bankruptcies.

☆ India's Digit Insurance IPO kept on hold by markets regulator
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasMUMBAI, Sept 20 (Reuters) - India's markets regulator has kept an initial public offering from Digit Insurance on hold, according to a document on its website. The Securities and Exchange Board (SEBI) said the company's IPO was kept in 'abeyance', but did not offer any further explanation for the action. Reuters reported last month that the company, backed by backed by Canadian billionaire Prem Watsa's Fairfax Group, aimed to raise around $440 million through an initial public offering. read moreFounded in 2017, Digit is trying to expand its presence in general insurance by offering a better customer service including easier claim settlements. Register now for FREE unlimited access to Reuters.com RegisterReporting by Abhirup Roy in Mumbai, writing by Shilpa Jamkhandikar; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

In that environment, crooks were easily able to impersonate jobless Americans using stolen identity information for sale in bulk in the dark corners of the internet. When Yvonne Matlock lost her job last year and applied for unemployment benefits online, she was told she was already getting relief money. Through a public records request, NBC News obtained data from the Labor Department, which funds Covid relief unemployment benefits programs, that are riddled with blank values and underestimates. ID.meMore than two-thirds of states, 34, reported no cases of identity theft overpayments in the most vulnerable unemployment benefits program. Cash App, which describes itself as "the easiest way to send money, spend money, save money, and buy cryptocurrency," has been frequently used by fraudsters to move money, law enforcement officials and private consultants said.

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