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MarketWatch MarketPulseApr 09, 2020
UPS downgraded by UBS on loss of higher-margin business
Analysts at UBS on Thursday downgraded their rating on United Parcel Service Inc. stock to neutral from buy, saying that headwinds from the economic collapse caused by the coronavirus pandemic are likely to cancel out the uptick in ecommerce-related deliveries. "We expect the impact of COVID-19 to drive a sharp reduction in (business-to-business) volumes with the most notable decline in UPS's highest-margin customer group of small and mid-sized businesses," the analysts said. That sharp decline in higher-margin business from small and mid-sized businesses plus the growth in business-to-consumer deliveries "could exert a significant mix/margin headwind," the analysts said. Shares of UPS have lost about 13% in the past 12 months, compared with losses around 3% for the S&P 500 index

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseApr 09, 2020
New York state's death tally from coronavirus sets record for a third straight day at 799 fatalities
New York Gov. Andrew Cuomo said Thursday the state suffered its biggest one-day increase in fatalities from the coronavirus that causes COVID-19 on Wednesday, when 799 New Yorkers died, up from 779 in the previous 24-hour period. The death toll for the state now stands at 7,067, he said. "These numbers are shocking, they're breath-taking ... I don't even have the words," Cuomo told reporters at a daily briefing. New York lost 2,753 lives in the attacks of Sept. 11, 2001, so the virus has far exceeded that toll. The governor said hospitalizations have started to slow, however, with just 200 net increases in the 24-hour period, the lowest level "since this nightmare started." Intubations and admissions to intensive care units have also been trending down, he said, suggesting the extreme measures to contain the illness are working and the curve of infections is flattening. The rise in deaths over the last few days is partly due to patients who have been on ventilators for the past few weeks and are now dying, he said. The New York economy is being hit hard too, he said, with more than 800,000 people applying for jobless claims in the past three weeks and overwhelming the system. The state budget is facing a deficit of $10 billion to $15 billion. Asked if he had confidence in the federal government coming up with a program to alleviate the stress, Cuomo said, "I'm not that confident."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsApr 09, 2020
Dow Jones Power 550 Points Higher On Fed News, As Coronavirus Stock Market Rally Continues; Disney Jumps 5% - Investor's Business Daily
Dow Jones Power 550 Points Higher On Fed News, As Coronavirus Stock Market Rally Continues; Disney Jumps 5%  Investor's Business DailyS&P 500 joins Dow in exiting bear market as Sanders suspends presidential campaign  Fox BusinessDow jumps 500 points, heads for biggest weekly gain since 1938  CNBCA reality check for market bulls: It's going to be a long slog for stocks  MarketWatch

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