Why United Parcel Service Stock Slumped by 5% on Tuesday [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The lingering disappointment of a peer's quarterly earnings report, fears about the damaging effects of aggressive tariffs, and a pundit's price target cut sent UPS's shares down on the second trading day of the week; they closed the session more than 5% lower in price. The S&P 500 index fared better, relatively speaking, by essentially flatlining across the day. The immediate catalyst was that price target reduction. This was made by analyst Ken Hoexter from influential lender Bank of America 's Securities unit. Hoexter's cut was more like a modest trim, as his UPS price target was lowered only to $129 per share from the preceding $133. Despite the gloom blanketing the logistics sector generally, the analyst maintained his buy recommendation. It
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