Why UPS Stock Soared in June
Shares in United Parcel Service (NYSE: UPS) rose 11.5% in June, according to data provided by S&P Global Market Intelligence. In common with its direct peer FedEx (NYSE: FDX), which rose 7.4% in June, UPS stock had a good month on the back of a growing realization that transportation demand had bottomed in April.
Image Source: Getty Images.
Indeed, this was a viewpoint that was confirmed by FedEx when it gave its fourth quarter earnings at the end of June. FedEx's chief marketing and communications officer Brie Carere noted that "we have experienced week-over-week improvement in our business since hitting the bottom in mid-April" during the company's earnings call. Moreover, the Association of American Railroads believes that a recovery in rail traffic began in early May and accelerated through June.
Source Fool.com
