UPS Cuts Profit Forecast Due To Weakening Economy

Global logistics heavyweight United Parcel Service, Inc. (NYSE:UPS) Friday slashed its profit forecast for the upcoming quarter, citing weak U.S. industrial activity and air freight overcapacity. The stock dropped the most since 2011. Before today, the stock had gained 24 percent, while FedEx increased 14 percent. United Parcel Service, Inc. (NYSE:UPS) forecasts that adjusted earnings will rise to $4.65 to $4.85 a share in 2013, down from its earlier prediction of $4.80 to $5.06. UPS and Fedex are B2B Economic Bellweathers Overcapacity in the global air freight market, increasing customer preference for lower-yielding shipping solutions, and a slowing U.S. industrial…