Shares in (NYSE: UPS) declined by slightly more than 9.5% in 2023, according to data provided by S&P Global Market Intelligence. The move contrasts sharply with the 46% gain of its rival, FedEx, over the same period. What went so badly wrong for UPS in 2023, and where is it heading in 2024?

First, there's a difference between something working against a company and something working against its stock. It's a subtle but telling differentiation. In this case, it relates to investors' expectations for UPS going into 2023. The company was coming off of a 2022 when it had already hit the 2023 targets laid out at its investor day in June 2021.

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Source Fool.com